Jump ahead to learn:
- What could be covered by Commercial Property insurance in Maryland?
- Is Commercial Property insurance required in Maryland?
- How much is Commercial Property insurance in Maryland?
- How ERGO NEXT Commercial Property insurance can help protect Maryland business owners
What could be covered by Maryland Commercial Property insurance?
Commercial property insurance in Maryland 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 with costs when a business building you own or rent is been damaged by a covered event. For example, if vandalism damages your Baltimore cafe, commercial property insurance could help with costs.
Inventory damage
If fire damages the inventory at your Rockville retail apparel store, you’ll need to restock. Commercial property insurance could help you 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
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. Commercial property insurance could help cover the cost.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. If a power surge shorts out the tools you use for your Frederick contracting business, commercial property insurance could help with the cost of repair or replacement.
Business income interruptions
If a storm damages the restaurant you own in Columbia, you could be forced to shut down temporarily for repairs. Commercial property insurance could help replace lost business income while you rebuild.
Is Commercial Property insurance required in Maryland?
Landlords may require proof of commercial property insurance to sign a business lease in Maryland. Not only can it protect your business’s goods and equipment, but it could also help cover costs in case the building you’re leasing is damaged.
You may also be required to carry commercial property insurance when financing commercial equipment or real estate in Maryland. Many lenders may require proof of this coverage when using a business loan.
With more than 3,100 miles of mid-Atlantic coastline, according to NOAA’s Office for Coastal Management, Maryland is vulnerable to damage and disruption from hurricanes and other severe storms.
Some hurricane-related damage and flooding may not be covered under standard commercial property insurance and could require additional coverage or a policy endorsement. Small businesses here could benefit from the financial protection commercial property insurance can offer, even where it isn’t required.
