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What is commercial property insurance?
Commercial property insurance is actually two coverages that can be purchased together or separately to protect your business assets: Business property insurance (also known as commercial building insurance) will pay to replace or repair your building if it’s ever seriously damaged from a covered cause of loss. In contrast, business personal property insurance will pay out to replace or repair damages to contents within your building.
Does your small business need commercial property insurance?
Yes, just about every small business should have business property insurance. A good way to think about it is this: if a fire destroyed all of your business property tomorrow, could you afford to replace everything out-of-pocket? If not, you should seriously consider purchasing commercial property coverage—your business is too important to risk going uninsured.
What does commercial property insurance cover?
When we talk about commercial property insurance, we’re actually talking about two different policies that are often bundled together. Here’s what each one covers:
Business property insurance protects your building
Suppose that the building you own is ever seriously damaged or destroyed due to arson or another form of vandalism. In that case, business property insurance will pay for the reconstruction or replacement cost (as long as the property damage wasn’t caused by a natural disaster, such as a flood or an earthquake, or by any other excluded reason).
It’s important to know that this coverage only covers the building itself as well as any large equipment that’s permanently installed inside—on its own, it won’t cover damages to other items inside your building. If your building ever caught fire, business property insurance would help cover the rebuild cost. It may even pay out for significant covered losses, like lost income. Still, you’d need business personal property insurance to replace your furniture, computers, and inventory/stock.
(Rent your building? Don’t worry: You can opt out of this coverage when you purchase commercial property coverage or a Business Owner’s Policy.)
Business personal property insurance protects what’s inside your building
This insurance coverage protects the items used by your business that are not permanently attached to your building, like small pieces of equipment, office furniture, computers, and inventory/stock. (Basically, if a giant gorilla turned your business upside down and shook it, business personal property insurance would cover the items that fell out!)
Business personal property insurance can also cover other people’s physical assets if that property is in your care. For example, if there’s a fire in your building that damages a piece of rented equipment, business personal property insurance might pay out to cover the loss.
Business personal property is a great coverage and protects most items you might have in your building, but—this is important—it won’t cover cash left on the premises or any cars or trucks that you store at your business. (There are other coverages for those instances, though.)
Business property insurance by state
How much does a commercial property insurance policy cost?
The cost of business property insurance is mainly based on your property’s worth, the type of property you own, and where your business is located. Business personal property coverage cost is based on the location and type of building your contents are in and the amount of coverage you want to purchase along with other factors. The fastest way—by far!—to find out how much you’d pay for commercial property coverage is to get an estimate here. (And, don’t forget, you’ll likely get a better deal on property insurance by opting for a Business Owner’s Policy, or BOP.)
Whatever deductible amount you choose or amount of coverage you purchase, property insurance is worth it for the peace of mind. An unexpected property loss can cost a small business thousands and thousands of dollars—a true catastrophe if you’re not covered. In the long run, getting affordable property coverageis much less expensive than paying out-of-pocket for a property claim.
Why get commercial property coverage from Huckleberry?
Great question. Here’s why you should buy property coverage from us:
- It’s fast. Almost unbelievably fast.
- No paperwork. You can manage everything from your phone with a few taps.
- You’ll probably pay less. (Maybe the best reason?)
Common questions about commercial property coverage
No, you’re not required to have property coverage for your small business. But if your business has property that you can’t easily afford to replace, getting this additional coverage is pretty much a must.
Insurers will calculate your online business insurance based on the total worth of all your property (often called the TIV—Total Insurable Value) as well as some other location and business income factors. (That might sound scary, but no worries—we’ll walk you through it when you get a Huckleberry quote or purchase a policy. Our process is entirely online and super easy.)
We’re so glad you asked. Get an online quote with Huckleberry. If you’re in the market for business property coverage, workers’ compensation, general liability insurance, commercial auto insurance, business interruption protection, or all of these, we’ll help you take the guesswork out of buying the right policy for your insurance needs. Simple, easy, no sweat.
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