You turn your back and someone does the 100-yard dash with your business laptop. You’ll need a replacement.
A pipe bursts and ruins everything in your stockroom. Your business is literally underwater.
The old tree you’ve been warily eyeing for years finally takes out your shop’s roof.
Your $8,000 HVAC unit stops working the day after the warranty expires. Don’t sweat it — we can help.
A fire damages an exterior wall at your business and you have to close for three weeks during repairs.
Commercial property insurance can protect almost all of the things you need to do business, including your equipment, inventory, furniture and other items.
In the insurance industry, these items are often referred to as “business personal property.”
Let’s say you rent a space for your boutique or restaurant. If you were to turn the building upside down and shake it, almost everything that falls out would be covered by commercial property insurance (up to your policy limit, some exclusions apply).
This coverage also protects any improvements or upgrades you make to your workspace. Don’t worry, that custom shelving unit you built from scratch with reclaimed wood will be protected.
Business property insurance can help pay for repairs, construction and related expenses if you own the building where you do business.
For example, let’s say you have a coffee shop and own the commercial space where it’s located. If a tree falls and crashes through the building’s roof, you would have help paying for the repair.
It’s important to note that you would also need goods, gear and inventory coverage to replace anything that gets damaged inside the building.
With business income interruption coverage, you’ll have financial help if you are forced to close for a reason that is covered by your property insurance. It’s important to read your policy closely to know exactly what type of events are covered (and not covered).
For example, if a neighboring business catches on fire and damages your business location, you might be forced to close for several weeks to make repairs.
The business income coverage in your property insurance could help cover the revenue you would have earned during that time and ongoing business expenses while you are closed.
Equipment breakdown coverage protects you when there’s damage to a piece of business equipment that causes it to malfunction. It’s designed to cover many types of mechanical failures, such as short circuits, power surges and loss of air pressure.
For example, if a power surge damages your work computer beyond repair, this coverage could help you pay for a replacement.
You’ll need to purchase our “Pro” or “Pro+” coverage to add this to your business property insurance.
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No matter what kind of business you run, we have tailored coverage to fit your needs. Plus, you’ll save up to 10% when you sign up for more than one policy. How’s that for a win-win?