Commercial Property Insurance
What is Commercial Property Insurance
Commercial property insurance is a type of insurance that provides coverage for physical property owned by a business, such as buildings, equipment, and inventory. It protects against losses or damages that may occur as a result of perils such as fire, theft, vandalism, and natural disasters.
There are several types of commercial property insurance policies available, including:
- Basic form: This provides basic coverage for common perils such as fire and windstorm.
- Broad form: This provides broader coverage than the basic form and includes additional perils such as water damage and theft.
- Special form: This provides the broadest coverage and includes all perils except those specifically excluded in the policy.
In addition to protecting against physical damage to property, commercial property insurance may also provide coverage for loss of income and extra expenses incurred as a result of a covered loss.
Commercial property insurance is important for businesses of all sizes, as it can help protect against financial losses that may result from damages to physical property. It is typically purchased as part of a business owner's policy, which combines commercial property insurance with liability coverage.