Jump ahead to learn:
- What could be covered by Commercial Property insurance in Colorado?
- Is Commercial Property insurance required in Colorado?
- How much is Commercial Property insurance in Colorado?
- How ERGO NEXT Commercial Property insurance can help protect Colorado business owners
What could be covered by Colorado Commercial Property insurance?
Commercial property insurance in Colorado could help to protect the goods and gear you need to run your business.
Commercial property coverage typically has three parts:
- Business personal property coverage (also called BPP insurance), which could help cover the contents of your business space, such as equipment, inventory, furniture, flooring and fixtures.
- Building coverage, which could help protect the building structure itself, including things like HVAC systems, sprinkler systems or damage from a fallen tree.
- Business income insurance coverage, also called business interruption insurance, could help cover lost income if your business is forced to close for repairs after an unexpected covered event, such as a fire or vandalism.
Commercial property insurance coverage can usually help business owners with:
- Building structural damage
- Inventory damage
- Damaged furniture and fixtures
- Stolen business goods and gear
- Equipment breakdowns
- Business income interruptions
Building structural damage
Commercial property insurance could help cover the cost of repairing a building your business owns or rents after a covered event. For example, if a hailstorm damages the roof and siding of your Denver plumbing warehouse, commercial property insurance could help with repair costs.
Inventory damage
If your store’s inventory is damaged, commercial property insurance could help cover the cost to replace it.
Damaged furniture and fixtures
Commercial property insurance could help with costs related to damaged physical fixtures on your business premises, such as:
- Display cases
- Retail shelving
- Windows
- Flooring
- Business furniture
So if a fire damages the floors and shelving at your Pueblo hardware store, commercial property insurance could help cover replacement costs.
Stolen business goods and gear
If someone breaks into your Fort Collins brewery and steals your equipment, how would you replace it? Commercial property insurance could help you with the cost of replacing stolen business equipment and electronics taken from your business space.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. Commercial property insurance could help cover it so your business can get back up and running.
Business income interruptions
Unexpected events can force your business to shut down for repairs. When that happens, commercial property insurance could help you replace lost business income. For example, if a wildfire forces your Boulder outdoor gear shop to temporarily close, commercial property insurance could help you replace lost business income while you rebuild.
Is Commercial Property insurance required in Colorado?
You may need commercial property insurance to rent a business space or purchase property with a business loan in Colorado.
Landlords may include commercial property insurance as part of business lease requirements. Financial lenders may also require commercial property coverage when extending loans to businesses to buy real estate or business equipment.
Many small businesses in Colorado choose to get commercial property insurance, even where it’s not required. Areas of the state are among the most hail-prone in the U.S., according to Colorado’s hazard planning program, and the risk of wildfires is significant. Some wildfire-related losses may require additional coverage or a policy endorsement.
