COMMERCIAL PROPERTY INSURANCE

What is Commercial Property Insurance?

Understanding the Basics

Commercial property coverage consist of building, business personal property, and property of others coverage.

Building Coverage

This provides coverage for the building/facility, your owned or leased. Building coverage also includes separate structure, additions, fixtures, permanently installed equipments, and property used to maintain the building.

Business Personal Property

Personal properties including furniture, machinery, beds, computers, or any leased contractual personal property located in the building or structure listed on the declaration pages used in your business operations.

Property of Others

Property of others includes the personal properties' of your residents or clients that you are in care, custody, control that are located in the building, or structure listed on the declaration pages.

The following coverage may be included in your commercial property coverage. Make sure to review the policy definitions and limits on your policy to verify the coverage:

• Emergency Vacating Expenses
• Ordinance and Law on Building
• Debris Removal
• Preservation of Property
• Fire department Service Charge
• Pollutant Clean-up and Removal
• Electronic Data

Most Facility Owners Who Have Commercial Property Coverage Also Consider The Following Coverage:

Business Income and Extra Expenses

• Business Income

When your commercial property is destroyed, business income provides the income to your business operations. Business income calculation is based on net income (net profit or loss before income taxes) plus what our normal business operating expenses including payroll if your business had been interrupted by a loss.

• Extra Expense

The coverage provides additional reimbursement for necessary unexpected extra expenses you have to incur during the "period of restoration" that you would not have incurred if the loss had not happened. Ex: Temporary relocations, hiring additional help, catering food service, or any other expenses to continue operations normal during the "period of restoration".

Crime Coverage

This coverage provides a loss from employee dishonesty, computer fraud transfer, robbery, burglary, forgery, embezzlement,  theft from an outside party, or employee. Crime definition and coverage limits can vary from one insurance carrier to another depending on what is provided and what you have selected. Crime coverage usually does not include criminal acts by your or your business partners, accounting errors on your and other exclusions.