Commercial Property protects your business against the loss of company property due to fire, theft, break-in, destruction,etc. "Property" can include:
- lost income or business interruption
- buildings and their contents
- computers, cash, valuable papers,etc.
Real property is land and attachments to the land, such as buildings. Personal Property is all property that is not real property, such as the computers, furniture, products, papers, etc.
Buildings and Business Personal Property includes your building, additions to covered buildings, outdoor fixtures, permanently installed fixtures, equipment, and machines. Business Personal Property owned by your company or used in the business is covered for loss or damage, including furniture and fixtures, inventory, etc. There are some specific exclusions which require separate riders.The policy also protects you against loss or damage to the personal property of others while at your business. For example, if you were repairing someone’s property for them.
protects newly purchased property, the property of others, some outdoor property, and the cost to search for and reconstruct information on destroyed records.
The standard deductible for most policies $1000 and can be adjusted.
A peril is a cause of loss, such as fire, explosion, wind, hail, smoke, lightning, vehicle damage, riot,
vandalism, water leakage,etc. The broad form policy add coverages for water damage, weight of snow, ice or sleet, glass breakage and falling objects. The all risk form covers all causes of loss, except those specifically excluded from coverage.
Replacement Cost and Actual Cash Value: Replacement cost is the cost to an item with new property of similar type. Actual cash value deducts the accumulated depreciation from the actual replacement cost.
- Rebuild protection if your building is destroyed and it costs more to rebuild it to code than its current value
- Full glass coverage
- Full sign coverage
- Equipment failures due to power surges, malfunctions, and boiler explosions
- Accounts receivable coverage if records are ever damaged or destroyed by a covered loss
- Coverage for damage to your computer, software and data
- Valuable papers coverage, etc.