More than bricks and mortar, the contents of your businesses’ buildings need coverage too. Commercial property insurance provides coverage for your businesses most valuable physical assets – such as buildings, equipment, computers and stock – against loss or damage from a range of causes including fire, theft, or vandalism. Coverage options under a commercial property insurance policy can be personalized to suit the unique needs of your business and may include:
- Replacement cost coverage – If the covered loss to your property is too extensive for repairs, commercial property insurance can often help with the replacement costs. For example, if you own a bakery and a fire breaks out in your kitchen destroying your electrical oven, your commercial property insurance policy can help keep the replacement costs low and protect your bottom line
- Business interruption – If you suffer a covered loss, you likely won’t be able to sustain operations right away. The right commercial property insurance policy may be able to mitigate your loss of income to help you keep up with bills, payroll and other expenses until you’re back on your feet.
- Contractors’ equipment – Whether you are a general contractor working on a project or a specialized firm running multiple job sites, you need specialized tools to function. No matter the company size; your tools, machinery, spare parts and work clothing likely represent a significant investment. The right commercial property insurance coverage can ensure the materials essential to your business — at either a job site or in transit — are covered.
- Equipment breakdown – Even with expert installation and regular maintenance, equipment breaks down. And when mechanical or electrical failures occur, you need to know that your company’s operations are safe and you can continue to keep servicing your valued clients.