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Raleigh Wills Insurance Solutions for Business Owners

Commercial Property Insurance

What is Commercial Property Insurance?

Commercial property insurance protects business owners from losses due to damage to their business property, including the business' physical space or equipment. For insurance purposes, business property includes the physical building in which the business resides, assuming the business owns the building, as well as the property owned by the business that’s located within the building. This insurance policy helps businesses pay to repair or replace property damaged by a storm, fire, or other event covered by the policy. It also pays for replacement of stolen property. The following types of property may be considered business property:

The following types of property may be considered business property:

  • the building or where the business is located
  • antiques and artwork
  • computers and other data processing equipment
  • furniture, equipment and supplies
  • intangible items such as trademarks, copyrights and other intellectual property
  • inventory
  • machinery
  • signs, fences and outdoor property not attached to a building
  • televisions, DVD players, and satellite dishes
  • valuable papers, books and documents

What Kinds of Commercial Property Insurance are There?

There are various different commercial property types that one can obtain a commercial property insurance plan for, so one might need coverage for a Distribution center, Factory, Cafe, Restaurant, Industrial property,  Land (Landowners), Gallery, Medical center, Hotel, Garage, Multifamily housing building, Office, Shopping center, Warehouse or Sports facility. Business property insurance policies protect against diverse causes of damage, also known as "perils." They include:

  • Basic form provides coverage for losses resulting from a fire, lightning, windstorm, hail and explosion, plus the cost of removing property to protect it from further damage.
  • Broad form includes the basic form coverages, plus extended coverage for other types of perils, such as a roof collapse due to snow or ice, or broken windows caused by a riot and civil commotion.
  • Special form includes the basic and broad coverages, as well as all direct physical losses  except those conditions specifically excluded in the policy. Typical exclusions can include damages from earth movement, flood, wear and tear, war, terrorism, nuclear disaster, as well as insects and vermin.
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