What is commercial property insurance?
Commercial property insurance is designed to cover three basic types of property most businesses need to operate:
- Building – This is the structure itself, wall to wall and floor to ceiling. Building coverages may also include permanently installed fixtures, machinery, and equipment.
- Contents – This is the stuff you keep in your building that can be easily taken out, which can include office equipment, supplies, and inventory. Keep in mind, this coverage is intended to cover those items used for your business. Your homeowners or renters policy is designed to cover items that personally belong to you.
- Other people’s property – These are the items left in your care, custody, and control. Say you operate a bicycle repair shop. You have clients leave their bikes with you possibly for days at a time for repair. These bikes do not belong to you nor are they part of your inventory, but keeping them at your location is part of your business. This coverage is intended for those items in your care.
The types of commercial property listed above can be covered for types of losses like fire, lighting, sprinkler leakage, or windstorm or hail. There are other causes of loss you can be covered for depending on the cause of loss form you choose when purchasing your policy.
Having an insurance policy doesn’t mean you will be protected from harm, but it can help you keep your business open should your property get damaged.
Like most insurance policies, commercial property insurance cannot cover for all types of loss. Insurance policies will tell you what coverages are included and what isn’t through the exclusions. It is important to carefully review your policy. Contact a licensed insurance agent or attorney to review your insurance needs and policies to ensure you have the necessary coverages for your business.
Markel Specialty has been providing commercial property insurance for a variety of our niche markets for over 70 years. We understand the need to have customizable insurance solutions when it comes to your business. We offer the coverages you need as well as provide you the loss control guidance and excellent customer service to help build out your risk management tools. Find out how Markel Specialty can help protect your commercial property by exploring our insurance solutions.
Insurance and coverage are subject to availability and qualifications and may not be available in all 50 states. Coverage may not be available for all business types. Contact a Markel Specialty agent for more information. Insurance is underwritten by Markel Insurance Company, Glen Allen, VA.
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We have been supporting small business owners with insurance solutions for over 70 years. Our corporation began as a small business in the 1930s, so we understand the changing insurance needs of business owners as your company grows over time.