Commercial property insurance, also known as business property insurance, can help financially protect a company’s physical assets. Whether you own or rent a business property, this coverage is essential.

What Is Commercial Property Insurance?

At its core, commercial property insurance is a contract between your business and an insurance company. It outlines how you may be compensated if your business’s physical assets suffer damage, theft or destruction due to covered perils. These perils typically include events such as fire, vandalism, burst pipes, lightning and wind, as described in the policy.

Who Needs Commercial Property Insurance?

Any business owner who owns or rents property should consider commercial property insurance. This includes the following:

• Business owners—Commercial property insurance can be crucial if you operate out of a physical location, whether it’s an office, retail space or warehouse. It can help financially cover the building, equipment and inventory.
• Home-based business owners—Even if you run your business from home, relying solely on a homeowner’s insurance policy may not suffice. Commercial property insurance can help financially protect your business assets, whether in your home office or a separate location.

What Does Commercial Property Insurance Cover?

Commercial property insurance can offer comprehensive coverage for the following assets:

• Building—Whether you own or rent the building, this insurance can financially protect it from covered losses like fire, burglary and accidents.
• Equipment—Your owned or rented equipment (such as computers, machinery and tools) used for business operations may be financially covered.
• Inventory—If you store inventory at your commercial property, this insurance can help replace it if damaged or destroyed due to a covered loss.
• Furniture—Your company’s furniture may also be included. If it’s damaged or destroyed (e.g., in a fire), the insurance may cover the cost of repairing or replacing it.
• Business income—If a covered peril impacts operations, some policies may offer coverage for lost income.

It’s important to consult with an insurance broker to ensure your business property is sufficiently covered for your unique operations.

Commercial Property Insurance in Miramar, FL

Commercial property insurance can be an investment in your business’s resilience. Contact Tanenbaum Harber Insurance Group to assess your needs, consult an insurance professional and secure the right coverage to protect your assets.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.