Business Property Insurance

Commercial Property Insurance protects the property and income of your commercial enterprise. Property coverage may include, for example: A) a building in which you own or do business, B) tenant improvements, C) business property such as office and data equipment, and D) business income, or rents. Your commercial insurance policy should list all locations in which you regularly do business. Keep in mind that business property stored more than 100 feet from your building or premises is not covered by standard property forms (mobile business property could otherwise be covered by Inland Marine insurance).

There are several key components of every property policy that an insured should always consider: A) A standard property policy will cover your business property for basic perils such as fire, wind or hail, or sinkhole losses. However, the best property policies are written on “special” forms, which cover all losses unless excluded. B) Loss valuation affects your claim’s settlement. Replacement Cost is the best coverage because it replaces covered property at full value, or in today’s dollars. Actual Cash Value coverage factors depreciation into the loss settlement. And, finally, C) coinsurance requires that insureds cover their property to a minimum % of its valuation. Most policies require 80% coinsurance, meaning an asset must be insured 80% to its loss settlement value (as determined by an adjuster at time of loss), or an insured’s claim will be prorated by the % it is insured against its 80% coinsurance factor, less a deductible. We are experts assisting with these issues and concerns.

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