COVERAGE IS THE MOST IMPORTANT ELEMENT IN YOUR INSURANCE POLICY.
COMMERCIAL PROPERTY INSURANCE
What is Commercial Property Insurance?
Texas businesses that have made substantial investments in assets ought to protect those assets when possible. Getting commercial property insurance is one way to protect a range of assets.
Many Texas businesses own buildings, equipment, products and other physical assets. Commercial property insurance may help protect these when they’re at a business’s location.
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What Texas businesses should have business property insurance?
Businesses generally should consider business property insurance f they have any assets of note. Businesses that have buildings, equipment, tools, supplies and inventory often purchase a policy.
In some situations, businesses might be required to carry minimum levels of coverage for buildings or equipment that’s financed. Many lenders require that any financed asset is insured, in order to protect the lender’s financial interest in it.
What protections are available to businesses through business property policies?
Business property insurance policies frequently offer three main protections, and they might offer some additional ones as well. Most policies provide an option of:
- Building Coverage: May protect owned building(s) and other structures on a property
- Contents Coverage: May protect equipment, supplies and products on a property
- Tenants Betterment Coverage: May protect build-outs made by tenants who lease
Signage coverage is another protection that can be included in or offered by business property policies. This coverage may extend protection to attached or detached signs.
Do commercial property policies extend coverage beyond a business’s location?
Commercial property policies normally confine their protections to a business’s location. They can protect many assets that are kept at the location, but protection for equipment, tools, supplies and products usually isn’t provided once the items leave a business’s premises.
Instead, these items might need to be covered by inland marine insurance (usually for in-transit protection), builders risk (usually for job site protection) or other coverages.
An insurance agent who specializes in commercial property will be able to check the limitations of a policy, and provide suggestions that can add protection for assets when the assets are at other locations.
Do commercial property policies cover business-owned vehicles?
Commercial property policies generally don’t provide coverage for business-owned vehicles. Coverage for business vehicles can typically be obtained through a commercial auto insurance policy.
Do commercial property policies cover electronics?
Most commercial property policies offer protection for computer and other electronic hardware, but protection normally only extends to the hardware itself. Data and software might be insured through a cyber liability or similar insurance policy, since commercial property usually doesn’t cover digital assets.
Do home-based businesses need commercial property policies?
Commercial property policies are available to home-based businesses, and many home businesses might be well-served by purchasing a policy. When evaluating whether they should have a commercial property policy, business owners should consider:
- Value of Goods: The actual value of the goods insured should be tabulated, and then this figure should be compared to a business’s savings. If replacing all business-owned assets would be a substantial financial burden, insurance might indeed be appropriate.
- Homeowners Coverages: Some homeowners policies offer basic protections for small home-based businesses. Not all home policies do have any commercial coverage, and any commercial protection tends to be quite limited when it is part of a homeowners policy. Nonetheless, a homeowners policy could provide enough protection for a simple home business.
If a home business has valuable goods and insufficient coverage through homeowners insurance, a commercial property policy might be needed.
How can businesses in Texas get commercial property insurance?
For help insuring business assets, contact the independent insurance agents of Sergeant Fifty Five. Our agents have helped many Texas businesses protect assets large and small, and we can help you get the right commercial property insurance for almost anything your business owns.
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