Commercial Property Coverage
Business Insurance
Get Coverage For The Places You Own
One of the most common types of business insurance, commercial property insurance, provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other disasters (both natural or manmade) are examples of what is typically covered.
As an independent agent, Jeff Munns Agency, Inc. can help you find business insurance options.
Whether your business is based in Lincoln, NE or in Nebraska, Kansas, Iowa, Missouri, South Dakota, Minnesota, Tennessee, Texas or Wisconsin, let our agency help you find the right commercial property insurance for your business.
Commercial Property Insurance
What You Need To Know
Building
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building.
Electronic Data Processing (EDP)
This coverage is separate property coverage specifically designed to protect your computer-related equipment. Most commercial property policies have limited coverage for computer networks; EDP even broadens the causes of loss to include things like power surges and in some cases virus attacks.
Business Personal Property
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment, and inventory.
Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Flood
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered.
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster.
What People Are Saying
FAQ
What does commercial property insurance cover for a business?
Commercial property insurance covers buildings, inventory, equipment, tools, and other physical assets against losses from events like fire, theft, vandalism, windstorms, and other disasters, both natural and manmade.
Does commercial property insurance cover flood damage?
Generally no. Most commercial property policies specifically exclude flood as a covered cause of loss. A separate flood insurance policy must be purchased to protect your business from flood-related damage.
What is Electronic Data Processing (EDP) coverage and does my business need it?
EDP coverage is a specialized add-on that protects computer-related equipment and networks. Unlike standard commercial property policies, which offer limited coverage for computers, EDP broadens protection to include power surges and in some cases virus attacks. Any business that relies on computers or networked systems should consider it.
What is the difference between building coverage and business personal property coverage?
Building coverage protects the physical structure you own. Business personal property coverage protects the contents inside a specified location, including furniture, fixtures, equipment, and inventory. If you own both the building and the assets inside, you need both types of coverage.
What happens if my business equipment is used off-site?
Standard commercial property policies have very limited coverage for property taken off a specified location. If your employees regularly take equipment off-site, you need an inland marine policy, such as an equipment or installation floater, to properly protect those assets.
What is business income or business interruption coverage?
Business income coverage reimburses a business owner for lost profits and fixed expenses while a business is temporarily closed due to a covered event, like a fire. It can also cover financial losses if civil authorities restrict access to your area following a disaster.
How do I make sure I have enough commercial property coverage to fully rebuild after a loss?
The replacement cost of a building often differs significantly from its market value. Jeff Munns Agency recommends securing a third-party appraisal to accurately determine your building’s current replacement cost, rather than relying solely on online estimators.
Informational statements regarding insurance coverage are for general description purposes only. Read our disclaimer.
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