Commercial Property Insurance
Commercial Property Insurance goes beyond what most of us are familiar with when it comes to insuring our houses.
Much of the difference between commercial property insurance and domestic property insurance are related to the kinds of assets businesses own, and the kinds of coverage needed to protect those assets. So, instead of simply worrying about damage to a roof, or even money stolen from the safe, businesses have to worry about expensive office equipment and other important machinery, as well as even income losses associated with any of these events occurring unexpectedly. While your house has assets, it doesn't have operations, employees, and many ongoing concerns of a business. That's why commercial property insurance is so important.
A commercial property insurance policy covers a business for loss to its "real" property. Commercial property and contents can be insured against fire, lightning, explosion of gas and boilers used for domestic purposes without the addition of "special perils" such as explosion, riot, malicious damage, storm, flood, impact by aircraft, road and rail vehicles, escape of water from tanks or pipes and sprinkler leakage.
"All risks" commercial property insurance gives wider cover including any accidental damage or loss not specifically excluded. However "all risks" commercial property insurance may not cover wear and tear, electrical or mechanical breakdown and gradual deterioration that will be specifically stated in the policy document.
The required commercial property insurance coverage can be written in a variety of ways, based upon actual cash value, or replacement cost, basic or broad forms of cover. It pays to seek the advice of a commercial property insurance professional to help you identify your specific needs.