Commercial Property Insurance – Important protection for your business
As a Massachusetts business owner, you’ve spent a lot of time building your company. You’ve invested in equipment, inventories, and facilities. Chances are, you rely greatly on technology and other assets to ensure that your normal operation can continue. Commercial Property insurance – also called Business Property insurance – is another important tool to ensure business continuity. It can be used to repair or replace assets that are stolen or damaged by theft or by various other accidents that may occur. In the event that a damaging storm, fire or theft occurs, your business could face a significant financial loss unless you have the right insurance coverage.
There are different types of business property insurance plans and that’s why it’s a good idea to meet with an independent insurance agent who will assess your risk exposure and tailor a plan unique to your needs.
For example, in Massachusetts, a commercial property insurance policy is available either on a special-peril basis named-peril basis. A named-peril policy covers only what is specifically named – such as flood, fire, or insurance for a specific type of business equipment. In contrast, a special-peril policy will cover virtually anything, unless it is specifically excluded.
Typically, a commercial property insurance policy will cover:
- Building contents – Property that is either on or near the premises that is being used as the business.
- Permanent structures – machinery and equipment, any fixtures that are permanently installed.
- Any property that is being used to service and/or maintain the building itself.
- Property of others, only if in your care, custody and control – meaning that if negligence occurred, you would be legally liable.
What is not covered with business property?
- Outdoor fences
- Any sign that isn’t attached to the commercial building
- Money and other securities
- Water, lawns, grass, land
It’s important to make sure that both your personal belongings and physical building are covered in the event that something catastrophic occurs to your business. Call Cochrane and Porter today to discuss the various commercial property insurance options and which types of coverage would benefit you and your property most. We’ll help you asses your exposure and we’ll find the right insurance plan at the right price to minimize your risk and potential for loss.