Jump ahead to learn:
- What could be covered by Commercial Property insurance in Washington?
- Is Commercial Property insurance required in Washington State?
- How much is Commercial Property insurance in Washington?
- How ERGO NEXT Commercial Property insurance can help protect Washington business owners
What could be covered by Washington Commercial Property insurance?
Commercial property insurance in Washington 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 the repair costs for a building your business owns or rents after a covered event. For example, if a fire damages your boutique in Spokane, commercial property insurance could help with costs.
Inventory damage
If your store’s inventory is damaged, commercial property insurance could help you cover costs to 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
For example, if a wind storm damages the windows of your Seattle cafe, commercial property insurance could help replace them.
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 replacement costs.
Equipment breakdowns
Equipment breakdowns can disrupt your business operations. If the HVAC system at your Tacoma restaurant goes out, commercial property insurance could help cover costs to repair it.
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. So if vandalism damages your furniture store in Bellevue, commercial property insurance could help replace lost business income while you rebuild.
Is Commercial Property insurance required in Washington State?
Commercial property insurance is typically a requirement for certain business activities in WA, such as renting space for your business or financing a real estate purchase.
Many landlords may require commercial property insurance as part of their business leases in Washington as a way to protect the building from multiple risks, including accidental damage done by you, your employees or your customers.
Banks and other financial lenders also may require commercial property insurance when you finance real estate or business equipment with a business loan.
Small businesses in Washington State also face hazards such as smoke and ash damage from wildfires. The region also experiences heavy rains and windstorms west of the Cascades and ice storms to the east. Some disaster-related damage, including certain wildfires-related losses and flooding, may require additional coverage or a policy endorsement. Even where commercial property insurance isn’t required, many small businesses in Washington get it for the financial protection it can provide.
