Jump ahead to learn:
- What does Michigan Commercial Property insurance cover?
- Is Commercial Property insurance required in Michigan?
- How much is Commercial Property insurance in Michigan?
- How ERGO NEXT Commercial Property insurance can help protect Michigan business owners
What does Michigan Commercial Property insurance cover?
Commercial property insurance in Michigan offers flexible coverage options to help protect the equipment, inventory and tools your business relies on day to day.
Commercial property coverage typically includes three parts, with additional protection sometimes available through an endorsement:
- Business personal property coverage (also called BPP insurance), which can help cover items inside your business, such as equipment, inventory, furniture, flooring and fixtures.
- Building coverage, which can help protect the structure of your commercial space and repair damaged property after covered events like winter storms, heavy snow or wind.
- Business income insurance coverage (also called business interruption insurance), which can help replace lost income if your business temporarily closes for repairs after a covered event, such as a fire or vandalism.
Commercial property insurance may help business owners with:
- Building structural damage
- Inventory damage
- Damaged fixtures
- Stolen business goods and gear
- Equipment breakdowns
- Business income interruptions
Building structural damage
Commercial property insurance could help cover damage to a building your business owns or rents. For example, if a winter storm damages a storefront in Detroit, your policy could help with repair costs.
Inventory damage
If a burst pipe causes water damage in your Grand Rapids stockroom and ruins stored goods, business property insurance could help you replace the inventory so you can keep serving customers.
Damaged fixtures
Commercial property insurance could help pay to repair or replace fixtures on your business premises, such as:
- Display cases
- Retail shelving
- Windows
- Flooring
- Business furniture
Stolen business goods and gear
Electronics and other stolen equipment from your office, storefront, warehouse or workspace can be costly to replace. For example, theft at a shop in Ann Arbor can result in unexpected financial losses.
Equipment breakdowns
When equipment breaks down, it can interrupt operations. For example, a heating system outage at your Lansing business during winter can slow or stop operations. A commercial property insurance policy could help cover repair or replacement costs so you can get back on track.
Business income interruptions
Business income insurance may help replace lost income if your business needs to close temporarily for repairs. For example, if a fire breaks out in the kitchen of your Traverse City restaurant, your policy could help cover lost income while you rebuild.
Is Commercial Property insurance required in Michigan?
Small businesses often need commercial property insurance in Michigan when renting space for their business or buying property with a bank loan.
Michigan landlords frequently include commercial property insurance as a requirement in business leases.
And if you’re financing business property, like a storefront or equipment, your lender may require you to get commercial property insurance before approving the loan.
Even where commercial property insurance isn’t required, most businesses could benefit from the financial protection it can provide
