As a property owner, safeguarding your investment is essential to protecting your livelihood. Whether you own apartment buildings, office spaces, or retail storefronts, unexpected events like fires, theft, or natural disasters can result in significant financial losses. This is where commercial property insurance becomes invaluable—it provides the protection you need to recover quickly and keep your operations running smoothly.
Understanding what commercial property insurance covers and what it doesn’t is key to ensuring your property and assets are adequately protected. Let’s explore how LoPriore Insurance can help you secure peace of mind with tailored coverage options for your unique needs.
What does commercial property insurance cover? How can you ensure you have the proper protection? Here’s everything you need to know.
What is Commercial Property Insurance?
Commercial property insurance helps replace or repair physical property damaged by a covered incident. For example, if a fire damages your business or warehouse, your policy helps cover the damage.
Instant. Simple. Smart
We Make Insurance Easy
Find Out How Much You Can Save Today
Take the first step towards peace of mind with LoPriore’s team. Experience tailored insurance solutions that fit your lifestyle and budget. Get your free, no-obligation quote today and see the difference expertise makes!
Basic coverage protects against hazards such as fire, theft, vandalism, and more. You can customize your policy with endorsements for additional risks, such as earthquakes or specialized equipment.
Before getting a quote, take inventory of your business assets, including buildings, equipment, and inventory, to ensure proper coverage.
Types of Commercial Real Estate We Insure
At LoPriore Insurance Agency, we understand the unique needs of different industries. That’s why we offer tailored commercial property insurance for a wide range of properties:
| Type of Commercial Real Estate | Description |
|---|---|
| Residential Housing Properties | Rental homes, townhouses, and other leased residential spaces. |
| Apartment Buildings | Multi-family residential units, from small duplexes to high-rise apartments. |
| Condominiums | Condo complexes for residential living and commercial ventures. |
| Mixed-Use Buildings | Properties that combine retail, residential, and office spaces. |
| Vacant Properties | Coverage for unoccupied properties vulnerable to risks like fire or vandalism. |
| Hotels and Motels | Protection against risks such as water damage, theft, and more. |
| Office Buildings | Coverage for single-story buildings or large office complexes. |
| Retail and Storefronts | From small boutiques to large retail chains, including inventory and fixtures. |
| Restaurants, Bars, and Cafés | Tailored policies for risks like kitchen fires and damaged equipment. |
| Specialized Commercial Spaces | Auto repair shops, salons, gyms, car dealerships, and more. |
| Warehouses and Storage Facilities | Protection for stored goods, equipment, and the structure itself. |
If your property type isn’t listed, contact us. We may have a solution tailored to your needs.
What Does Commercial Property Insurance Cover?
The specifics of your coverage depend on your policy, but most include:
- Assets Covered: Includes buildings, office equipment, essential documents, tools, and inventory. Coverage extends to external structures, landscaping, and signage.
- Valuation Options: Choose between Actual Cash Value (ACV) or Replacement Cost (RC). ACV deducts depreciation, while RC pays for full replacement costs without deductions.
- The Covered Perils are fire, storms, theft, vandalism, and more. Additional perils, such as floods or earthquakes, can be added for comprehensive protection.
Coverage Options
- Building and Other Structures: Protects the physical structure.
- Business Personal Property: Covers movable items like furniture and electronics.
- Equipment Breakdown: Safeguards against unexpected malfunctions.
- Ordinance or Law: Coverage for building code compliance.
- Tenant’s Property Damage Liability: Protection against tenant-related damages.
- Improvements and Betterments: Covers upgrades made by tenants.
- Business Interruption: Compensates for lost income during recovery.
- Flood and Earthquake Coverage: Optional policies for natural disasters.
Our team helps you identify the right combination of coverages tailored to your business.
What Commercial Property Insurance Does Not Cover
While commercial property insurance provides comprehensive protection for your business assets, it’s important to understand its limitations. Here are some common exclusions to be aware of:
1. Employee Injuries or Illnesses
Commercial property insurance does not cover medical expenses or lost wages for injured employees. For this type of protection, businesses need a separate workers’ compensation insurance policy.
2. General Liability Claims
If a third party, such as a customer or vendor, is injured on your property or their belongings are damaged, these incidents are covered under commercial general liability insurance, not property insurance.
3. Vehicle Damage and Liability
Damage to company-owned vehicles or liability resulting from their use is not included. For these risks, you’ll need a commercial auto insurance policy.
4. Flood and Earthquake Damage
Standard commercial property policies exclude natural disasters like floods and earthquakes. However, you can purchase specific endorsements or separate policies to cover these risks.
5. Intentional Acts or Criminal Activity
Losses resulting from intentional acts, fraud, or criminal activity by the business owner or employees are not covered. Insurance is designed to protect against unforeseen and accidental events.
6. Normal Wear and Tear
The business owner is responsible for routine maintenance, repairs, and general wear and tear of the property. Insurance does not cover depreciation or gradual damage over time.
Why Choose LoPriore Insurance?
For over 30 years, LoPriore Insurance has provided personalized, reliable insurance solutions to businesses across Massachusetts. We pride ourselves on offering:
- Local expertise tailored to your industry.
- A wide range of comprehensive insurance products.
- Exceptional customer service and competitive rates.
FAQs
What types of commercial properties does LoPriore Insurance cover?
We cover a wide range of properties, from residential housing to specialized commercial spaces.
What are the key benefits of commercial property insurance?
It provides financial protection against property damage, ensuring business continuity after an incident.
How can I customize my commercial property insurance policy?
You can add endorsements for specific risks, like equipment breakdown, flood coverage, or inflation protection.
Does commercial property insurance cover natural disasters?
Basic policies don’t cover floods or earthquakes, but you can add optional coverage.
What is the difference between actual cash value and replacement cost?
ACV deducts depreciation from your claim payout, while RC pays for repairing or replacing your property.
Conclusion
Now that you know what commercial property insurance covers, you can protect your business with the right policy. LoPriore Insurance offers tailored solutions, ensuring you get the coverage you need at competitive rates.
Don’t wait to safeguard your business. Contact us today for a personalized quote!
Got Business? Got Coverage
Shop For Insurance that Works Hard As You Do
Ready to Protect Your Business? Click here for a fast free quote
