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As a business owner, you face many financial risks. For example, if your office or workspace is damaged or destroyed, not only have you lost your assets; you may have also lost your ability to do business at all. Even if you don’t own your own building, if your business has physical assets, you need commercial property insurance to cover your equipment, tools, or inventory.

What it covers

Commercial property insurance covers property owned by your business, including your building, equipment, inventory, furniture, documents, storage sheds, attached outdoor signs and other business assets, with some exceptions explained below. It will pay to repair or replace property damaged, destroyed, or stolen, including property belonging to others under your care and custody. Perils covered include fire, theft, damage from faulty plumbing, wind, and vandalism. Many policies also include coverage for loss of income or increased business expenses due to a covered peril.

What it doesn’t cover

Commercial property insurance does not cover vehicles used in your business—for that, you’ll need a commercial auto policy.

If your business is in a flood zone, you’ll need a separate flood policy, either through the National Flood Insurance Program or through one of the private companies offering flood insurance in Florida.

Commercial property insurance also doesn’t protect your liability if someone sues you. If you also need liability coverage, consider buying a Business Owners Policy (BOP) that combines commercial property insurance with general liability coverage.

Custom coverage

When discussing your business with your insurance agent, be sure to mention whether you transport equipment or supplies to work sites, or your work primarily takes place away from your physical business address. A typical commercial property insurance policy doesn’t cover your assets if they are removed from your business premises, but this is a fairly common issue so insurance companies do offer special coverage for that.

An insurance agent experienced in writing commercial insurance, such as those at L & M Insurance Group, will be able to help you decide what coverage you need to carry to protect your business assets. Take time to answer your agent’s questions—he or she is on your side, working to make sure you not only get the best insurance rate, but you also get the coverage you need for your unique business.

Commercial property insurance is an affordable way to reduce risk to your business’ financial health. Give us a call at 813-672-4100 for a quote, or to discuss your business insurance needs. You may also contact us online by clicking here.

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