Commercial Property Insurance

Commercial Property Insurance protects your business in the event of loss, damage, or theft. It will also, in most cases, cover repairs to your damaged property and replace what was stolen.

There are two different types of policies available: Named-Peril, which will protect you from specifically stated perils (such as fire, lightning, theft) and All-Risk, which protects you from ALL perils EXCEPT those that are specifically listed.

There are also three common types of coverage available: Basic Form, which covers damage caused by fire, lightning, wind, vehicle or aircraft; Broad Form, which will cover damages caused by anything within Basic Form and will also include such things as water damage, sprinkler leak damage, broken windows and roof collapse due to snow; and Special Form, which can be designed to cover any cause of loss, except any that are specifically excluded (such as war, earthquake, flood, or normal wear and tear).

Getting reimbursed for your losses differs from policy to policy also, but generally, there are two ways: Replacement Cost Reimbursement, which will pay for the cost to replace your damaged or stolen property at “brand new” purchase rates; and Actual Cash Value Reimbursement, which will pay for the depreciated cost of your damaged or stolen property. Actual Cash Value Reimbursement premiums are usually lower, but you need weigh that against what it will cost to replace your property at “brand new” purchase rates.

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