Commercial Property Insurance
One of the most common types of business insurance, commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.
What you need to know about commercial property insurance
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give Lewis Insurance Associates a call today at 540-659-2121 , and we’ll help you determine if you have enough commercial property insurance for your business.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask Lewis Insurance to review your coverage, and we’ll help you find the best solution.
Business Personal Property
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses, including payroll, during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. Lewis Insurance Associates strongly recommends that all businesses acquire this coverage.
Inland Marine & Floater Coverage
The inland marine policy or floater coverage is designed to give specific coverage for items that may have little or no coverage available on other policies. Your tools and equipment can be covered such as hand and power tools, backhoes, generators, loader and other off-road mobile equipment as most of these items move from jobsite to jobsite and back to the contractor’s yard and in between. Whether small tools are in a vehicle or equipment is parked on the jobsite, these items are subject to theft and vandalism. Commercial automobile policies provide NO COVERAGE for theft of tools. Tools and equipment can be insured on a replacement basis or the actual cash value (replacement value minus depreciation).
Electronic Data Processing (EDP) Floater
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
We understand the business insurance needs of our customers. The right coverage for you is unique – call us at 540-659-2121 or contact us today to find out how to protect your business and your future with the right insurance.