You turn your back and someone does the 100-yard dash with your business laptop. You’ll need a replacement.
A tree unexpectedly falls on your shop’s roof.
Your HVAC unit stops working the day after the warranty expires.
A fire damages an exterior wall at your business and you have to close for three weeks during repairs.
Commercial property insurance can help provide coverage for your brick-and-mortar location, equipment, inventory and other physical assets you need to operate your business.
When certain types of accidents or emergencies affect those assets, you may be able to submit a claim to get help covering the costs of replacement and repair.
Indiana commercial property insurance could help your business in the following situations:
Damage from water, fire and wind are generally included as covered events. In addition, commercial property insurance typically covers man-made events like theft and vandalism.
Coverage can vary, so Indiana business owners should read their policy documents carefully to find out exactly what’s covered and what’s excluded for their business.
Commercial property insurance policy can help protect various types of assets, such as:
Indiana commercial property insurance from NEXT can include these four basic types of coverage:
Commercial property insurance can help cover repair or replacement costs if your inventory, equipment or furniture is affected by a covered event. This coverage is also known as business personal property insurance or BPP insurance.
Example: If thieves break into an Indianapolis electronics store overnight, commercial property insurance could help cover the costs to replace stolen inventory.
This type of Indiana property insurance may be able to help with lost income and other related expenses during a temporary closure due to a covered event. This is also known as business interruption insurance or business income insurance.
Example: If a kitchen fire forces an Evansville bakery to close down for two weeks, commercial property insurance can help cover the income lost during the time it takes to make repairs.
With this coverage, you can get help with replacement or repair costs if your equipment is damaged due to a power surge or mechanical failure.
Example: If the electronic circuit control board in a South Bend restaurant’s fridge malfunctions and causes all of the food to spoil, commercial property insurance can help pay to fix the problem.
If you own and use a building for business purposes, commercial property insurance can help pay for repairs after a covered event. You typically don’t need this coverage if you’re leasing or renting a commercial space.
Example: If a tornado causes considerable damage to a Fort Wayne hardware store, commercial property insurance could help cover repair and replacement costs.
NEXT’s commercial property coverage can help cover certain costs if fire, wind or hail damage your business property. This can include damage caused by certain types of weather events, including:
Floods and volcanoes are not included in NEXT commercial property coverage. In 2021 alone, Indiana experienced 103 flash floods, floods or heavy rain events.1 If your business is located in a flood-prone area, you may want to consider insuring your property through the National Flood Insurance Program.2
Certain man-made disasters, such as rioting and vandalism, are included in NEXT commercial property insurance policies. An optional coverage add-on is available for acts of terrorism.
It’s important to read your policy documents closely to make sure you are getting the coverage you need. NEXT has a team of U.S.-based advisors available to assist you if you have any questions about your coverage.
Indiana does not require businesses to have commercial property insurance or business hazard insurance, another term used to describe this coverage.
However, business owners may discover they need Indiana hazard insurance to rent or own commercial property.
Even when it’s not required, commercial property insurance can benefit your business in the following ways:
With commercial property insurance, Indiana businesses can get help covering the costs to replace or repair damaged property when a covered incident occurs.
If you need to close your business temporarily after a covered incident, business income insurance can help you remain financially stable by helping with lost income, moving and relocation costs and employee wages.
Your lender or bank may require proof of commercial property insurance if you apply for a mortgage on a commercial property. Similarly, the Small Business Administration (SBA) requires businesses to have business hazard insurance on building used as collateral for their loans.
Indiana landlords may ask you to carry commercial property insurance before they’ll agree to rent a commercial space to you. This requirement is often written into commercial leases.
Indiana businesses across a variety of industries can benefit from the financial protection offered by commercial property insurance and other business insurance coverages.
Businesses operating from a physical location, such as an office space or a brick-and-mortar store, can get help protecting certain assets with Indiana business property insurance.
Home-based businesses typically have very limited coverage through their homeowner’s insurance. Commercial property insurance can provide additional coverage when needed.
Business owners in some industries may consider commercial property insurance to be especially important due to the type of risks they’re exposed to. For example, retail businesses operating from brick-and-mortar stores often keep a significant amount of inventory on-site. Commercial property coverage can help cover related costs if inventory is damaged or stolen.
The cost of commercial property insurance in Indiana varies based on a number of factors, including:
To find out how much coverage will cost for your business, start a free instant quote online.
Monthly premiums for NEXT commercial property insurance cost $45 or less for 56% of our U.S. customers.**
Learn more about commercial property insurance costs.
NEXT provides Indiana commercial property insurance policies designed for small businesses and self-employed workers.
It only takes about 10 minutes to get a quote, review your coverage options, choose your policies and download a certificate of insurance.
Start an instant quote online today.
Our team of licensed insurance advisors is standing by to assist you if you have any questions along the way.
General liability insurance could help protect your business if an accident causes damage to property that doesn’t belong to you or an injury to someone other than an employee.
Indiana workers’ compensation insurance can help pay for medical expenses and lost wages if an employee gets hurt on the job. In this state, the law mandates that most employers have workers’ comp insurance.
Commercial auto insurance can help cover property damage, medical expenses, towing and repairs if you or your employees drive for work-related purposes and are involved in an accident.
All vehicles in Indiana must be covered by auto insurance, with minimum coverage of $25,000 per person, $50,000 per accident and $25,000 for property damage.3
Professional liability insurance can help protect your business financially if a client claims you made a professional mistake that cost them money. It’s commonly bundled with general liability insurance for more comprehensive protection.
Learn more about commercial property insurance options in the state where you work.
Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.