Jump ahead to learn:
- What could be covered by Commercial Property insurance in North Dakota?
- Is Commercial Property insurance required in North Dakota?
- How much is Commercial Property insurance in North Dakota?
- How ERGO NEXT Commercial Property insurance can help protect North Dakota business owners
What could be covered by North Dakota Commercial Property insurance?
Commercial property insurance in North Dakota could help to protect the goods and gear you need to run your business, especially in a state where harsh winters and severe hailstorms are a fact of life.
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 your business building is damaged, whether you lease or own. If a spring hailstorm damages a Bismarck butcher shop, commercial property insurance could help you pay for repairs.
Inventory damage
Commercial property insurance could help protect you from the expense of replacing damaged inventory. If your Fargo furniture store is damaged in a fire, commercial property insurance could help you replace the damaged goods.
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
If someone steals electronics or other business equipment from your office, storefront, warehouse or other business space, commercial property insurance could help cover the cost to replace it.
Equipment breakdowns
When your business relies on mechanical or electrical systems or specialized equipment, equipment breakdowns can be disruptive. Commercial property insurance can help cover them so your business can get going again.
Business income interruptions
Storms, fire and vandalism are some of the most common risks to North Dakota businesses, and they can cause severe damage to buildings and equipment. If you’re forced to temporarily close after a covered event, commercial property insurance could help replace lost business income.
Is Commercial Property insurance required in North Dakota?
The requirements for commercial property insurance in North Dakota vary. Landlords may require you to carry commercial property insurance before they’ll lease a commercial space to you.
Financial lenders may also require commercial property coverage when you finance commercial real estate or equipment using a business loan.
Businesses in North Dakota face severe storm risk year-round, as well as property crimes that cause tens of millions of dollars in losses each year, according to the state attorney general. Even when commercial property insurance isn’t required, small businesses here could benefit from the financial protection.
