Jump ahead to learn:
- What could be covered by Commercial Property insurance in Hawaii?
- Is Commercial Property insurance required in Hawaii?
- How much is Commercial Property insurance in Hawaii?
- How ERGO NEXT Commercial Property insurance can help protect Hawaii business owners
What could be covered by Hawaii Commercial Property insurance?
Commercial property insurance in Hawaii 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 costs when a building you own or rent is damaged by wind, fire or vandalism. For example, if a storm’s high winds damage the roof and walls of a restaurant in Kona, commercial property insurance could help with the cost of repairs.
Inventory damage
Damaged inventory can be expensive to replace, but commercial property insurance could help. If vandalism damages the stock of surfboards at your Honolulu surf shop, commercial property insurance could help with the cost.
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
Stolen business goods and gear
Electronics and other stolen business equipment taken from your office, storefront, warehouse or other business space can be expensive to replace. If someone breaks in and steals equipment from your Pearl City salon, commercial property insurance could help cover the cost.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. If volcanic ash clogs the HVAC system of your Hilo bakery, commercial property insurance could help cover the cost of repairs.
Business income interruptions
Commercial property insurance could help replace lost business income if your business is forced to temporarily shut down for repairs after a covered event. If a burst pipe damages your gift shop in Kahului, forcing a temporary shutdown, commercial property insurance could help replace lost income while you rebuild.
Is Commercial Property insurance required in Hawaii?
You may need commercial property insurance in Hawaii for common business activities including:
- Leasing space for your business
- Buying commercial property with a business mortgage
- Financing equipment with a business loan
For example, Hawaii lenders frequently require proof of commercial property insurance when you sign a lease to rent an office, storefront or warehouse. Banks and other financial institutions also commonly require commercial property insurance to protect the real estate or equipment you finance with a loan.
Even where commercial property insurance isn’t required in Hawaii, small business owners could benefit from the financial protection. Hawaii businesses are exposed to serious natural hazards like tropical storms and flooding, which can cause costly physical damage and disrupt your business.
