Business Property Insurance

Business property coverage is just one of the three parts of Commercial property insurance coverage:

1. BPP insurance (business personal property)
2. Building coverage
3. Business income insurance coverage, also called business interruption insurance

BPP coverage can help cover the contents of your business space, such as equipment, inventory, furniture, flooring and fixtures.

Building coverage could help protect the building structure itself, including things like HVAC systems, sprinklers systems or damage from a fallen tree.

Business income insurance could help cover lost income if a business is forced to close for repairs after an unexpected covered event, such as a fire or vandalism.

Together these coverages are packaged together in a commercial property insurance policy.

No. Though the names and acronyms may be similar, business personal property and a Business Owner’s Policy (BOP insurance) are different types of business insurance.

Business personal property insurance (BPP insurance) could help cover the contents of your business space — equipment, inventory, furniture and custom upgrades you made to the space. It’s a part of commercial property insurance.

A Business Owner’s Policy (BOP insurance) is a single policy that combines both commercial property insurance (with BPP coverage) and general liability insurance coverage. The cost for BOP insurance is often less expensive than buying property insurance and general liability policies individually.

The amount of property insurance that’s best for your business depends on many variables, such as:

• Your property value.
• The location of your business.
• How many employees and customers you have.
• What the building is used for.
• Your building structure, materials and stability.
• Preventive safety measures like fire-retardant materials, sprinklers and alarms.

Knowing the value of your building, inventory and equipment can help you decide on the amount of coverage you require — and help ensure that you’re not overpaying for coverage.

Commercial property insurance policies are based on the actual cash value of your business assets, or what it would cost to replace your property in its current condition. This is different than your business property’s replacement value, which is the cost to replace or repair your property if it’s damaged or destroyed.

Learn more about actual cash value and replacement value.

Business personal property insurance doesn’t cover every type of loss or damage to your business property. For example, base BPP coverage generally does not cover equipment that stops working because of a mechanical or electrical breakdown. Certain losses involving spoiled perishable inventory may also require optional coverage add-ons.

ERGO NEXT offers other add-on coverages for eligible businesses that need additional protection for other kinds of risks, such as equipment breakdown and food spoilage.

Your policy documents explain which events and property are covered, as well as any exclusions and limitations.

Business personal property insurance may cover some property that you’ve rented or leased, but this coverage will depend on the terms of your policy and the rental or lease agreement.

Check your policy documents to understand how rented or leased business property is covered and whether you need additional coverage.

To determine the value of your business property, start by making an inventory of all of the business property you want to insure. This could include equipment, computers, electronics, furniture, inventory, supplies and eligible fixtures or improvements. Then you’ll want to estimate the value of every individual piece of property.

Keep receipts, invoices, photos and other records that document what you own and what it’s all worth. An up-to-date inventory of your business property can help you choose appropriate coverage limits. It could also be helpful in the event that you need to file a claim.

You can buy business personal property coverage as part of ERGO NEXT’s commercial property insurance.

Start a free, no-obligation quote to see options and get an exact cost customized for your business. You can buy your policy 100% online and get your certificate of insurance (COI, or proof of insurance) in about 10 minutes.

If you have questions, our licensed, U.S.-based insurance professionals are available to help.

ERGO NEXT offers business personal property insurance as part of a commercial property insurance policy. You can’t buy business property insurance as standalone coverage.

Commercial property insurance combines BPP coverage for items such as your equipment, inventory and furniture, as well as building coverage and business income insurance.

It takes about 10 minutes to get a quote, buy coverage and get access to policy documents and your certificate of insurance (COI).

You can access your documents and COI 24/7 online or in the ERGO NEXT app for iPhone or Android.

You can file a claim anytime online or in the ERGO NEXT app.

You’ll be asked to share the details of what happened and to provide relevant photos and documentation. We strive to make claims decisions as quickly as possible so that you can get back to work.

Learn how to file a claim.