Commercial Property

Commercial Property insurance policies cover insurance on real property like office buildings and warehouses, as well as personal property, such as fixtures, furniture, and equipment.  Learn about Commercial Property insurance and get started on your policy today!

This page includes an overview of commercial property policies.

  1. Insurance on real property:
    Office buildings, factories, and warehouses

    1. Additions are covered
    2. Fixtures, including outdoor fixtures
    3. Permanently installed machinery and equipment
    4. Personal property used to maintain the premises
    5. Outdoor furniture and floor covering
  2. Insurance on personal property:
    Furniture fixtures, machinery, and inventory

    1. Stock stored or offered for sale, raw materials, manufactured items, supplies used for packaging
    2. Leased property that the business has a contractual responsibility to insure, and
    3. for a tenant, the improvements that are part of the building.
  3. Some of the items not covered (which will require a different policy) include:
    1. money, accounts, food stamps, notes, securities
    2. animals, unless they are for sale or boarded
    3. autos for sale
    4. bridges, roads, walks, patios
    5. contraband (property illegally transported)
    6. cost of excavation
    7. foundations of buildings
    8. land, water, crops, and lawns
    9. personal property transported by air or water
    10. bulkheads, pilings, piers
    11. underground pipes, flues, and drains
    12. vehicles licensed for use on the roads, and
    13. antennas.
  4. What is the above property protected against?  It may not be protected against all perils.  It is important to ask!
    1. Under the basic form the following causes of loss are covered (though keep in mind there are limits on some of the coverage):
      1. fire
      2. lightening
      3. explosion
      4. windstorm or hail
      5. smoke
      6. aircraft and vehicles damaging your property
      7. riot or civil commotion
      8. vandalism
      9. sprinkler damage
      10. sinkhole, and
      11. volcanic action.
    2. What perils are excluded?
      1. earth movements
      2. nuclear hazard
      3. failure of power not at the premises
      4. war
      5. water
      6. rupture of pipes (other than sprinklers
      7. explosions of steam boilers, pipes, engines, or turbines, and
      8. mechanical breakdown.
  5. You can buy additional coverage, or “Broad Form,” which covers additional perils:
    1. Falling objects
    2. Weight of snow, ice or sleet
    3. Water damage caused by breaking of a water or steam system.
  6. If you are concerned about mold or collapse, then additional coverage for that is available.
  7. The final option regarding perils is to select the form that covers all perils, except those specifically excluded.  This type of insurance is called “Open Peril” and is the broadest.

We hope this information is helpful in learning a bit about insurance policies that can help your business.  While there are so many options available, Value Insurance Agency Inc. can help your business navigate through the options and ensure you get the insurance that is right for you at the right price.

Contact us to begin setting up your policy today.

Click the following links to learn more about Property & Casualty Insurance.