Commercial property insurance policy pays for direct physical loss or damage to covered property whether it be leased or owned. This policy also covers your business personal property, including tools and equipment, inventory, furniture, supplies and fixtures. In addition, a commercial property insurance policy includes coverage for assets like accounts receivable, computers and lost income when business operations are suspended due to a covered loss, such as a fire. It can also help cover the costs to repair or replace stolen, damaged or destroyed property, including property and equipment that isn’t yours but is in your care and custody. The loss must occur at the premises listed and described on the declarations and must result from a covered cause of loss.
The following types of property are examples of business property:
Other Business Insurance
Policies to Consider
Property insurance policies may be purchased stand-alone or as part of a comprehensive Business Owner’s Policy that includes Property and General Liability coverage. T. Hudson can help you customize your coverage to address the specific risks facing your business, including selecting the type of Property insurance coverage you may need.
There are typically two types of coverage offered by insurance companies: replacement cost or actual cash value.
The following optional coverages may be added.
There are several factors that go into determining the cost of your business property insurance, including: