commercial property insurance

Commercial Property Insurance

South Florida can be a difficult location to obtain affordable Commercial Property Insurance due to exposure to hurricanes.  Fortunately, our agency has access to the insurance companies that have the lowest rates available.  Call us today for a review of your coverage and a no-obligation quote!

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What is Commercial Property Insurance?

commercial property insuranceYour business has substantial money invested in tangible assets such as buildings, their contents, machinery and equipment, computer equipment and more. These items can be lost, damaged or destroyed by a variety of perils such as fire, windstorm and theft.  Commercial Property Insurance provides the mechanism for your business to recoup the cost of replacing these items after a loss.

Commercial Property Coverage Forms

Basic Coverage

  • This covers you for damage by fire, lightning, explosion, windstorm, hail, smoke, falling aircraft, vehicles, riot, vandalism, sprinkler leakage or sinkhole collapse.

Broad Coverage

  • This extends your Basic Coverage to cover breakage of glass, falling objects and water damage.

Special Coverage

  • This extends your Broad Coverage to cover other unexpected perils including theft.

Replacement Cost

Coverage on a Replacement Cost basis pays you the cost to replace your property based on the current cost to rebuild or purchase replacement items. The amount you receive is not reduced for depreciation.

Actual Cash Value

This pays you the cost to replace your property based on the current cost to rebuild or purchase replacement items, less depreciation, for the years you have owned the property. Companies will offer this type of coverage on older buildings on which they are not willing to provide Replacement Cost coverage.

Coinsurance

Coinsurance requires that you insure your property for an amount not less than the specified percentage of it's value (Replacement Cost or Actual Cash Value, whichever applies). If you insure for less than the required amount, you can be responsible to pay for a portion of the loss in addition to your deductible. The following is an example.

 

Repl. Limit Limit Amount Policy Insured
Value Required Carried of Loss Pays Pays
80%
-------------    -------------    -------------    ------------    -------------    ---------
$100,000 $80,000 $40,000 $20,000 $10,000 $10,000
$100,000 $80,000 $80,000 $20,000 $20,000

Business Income

This covers you for loss of net income and for necessary continuing expenses as a result of your being put out of business temporarily because of damage by a covered peril. The amount of coverage is limited by coinsurance requirements, maximum number of days or a maximum amount payable in any one month.

Extra Expense

This covers you for extra expenses incurred in order to keep your business operating with no interruption as a result of damage by a covered peril. This includes coverage for additional expenses incurred as a result of operating temporarily at a different location.

Fire Liability

This covers you for your liability for fire damage to the building that you lease should a fire occur as a result of negligence by you or your employees. Equipment that you lease may also be covered.

Plate Glass

This covers you for damage to plate glass fronts and doors from breakage or chemicals. The value of lettering or signs painted on the glass can also be included in the coverage for an additional premium.

The above summary is not a policy and is only intended as a brief presentation of available coverages.  The actual insurance policy will provided full details of all benefits, conditions and exclusions.