Is Commercial Property insurance mandatory?
Although not mandatory in most states, businesses can still benefit from commercial property insurance coverage.
Updated May 29, 2023.
Commercial property insurance is not usually required by law, but it may be preferred or contractually requested by some.
For instance, property owners may require you to have it before signing a lease.
What does Commercial Property insurance help cover?
Some common events or items that this commercial property insurance may cover include:
- Goods, gear and inventory: This can also fall under business personal property (BPP) insurance. For example, if you run your business from home and your inventory gets stolen, coverage can help with replacements.
- Business income interruption: Let's say your store is badly damaged by a windstorm and forces you to shut down temporarily. This coverage can help compensate for your lost income.
- Equipment breakdowns: For instance, if your restaurant's walk-in malfunctions and needs replacing, this can help toward getting a new one.
» Still curious? Learn how commercial property insurance protects your business
How NEXT can help commercial property owners
NEXT offers affordable commercial property insurance and tailored business insurance. Apply for an online quote in less than 10 minutes, and you can instantly access your certificate of insurance after purchasing coverage so that you can share it 24/7 with the NEXT app.