Commercial Property Insurance

Reliable Commercial Property Insurance in Massachusetts

Your business is a big investment and you can’t afford the potential financial risks you may face in the event of a severe storm, fire, or other unexpected disasters. Thus, protecting your business from financial disaster is your responsibility to yourself, your employees, and customers. LoPriore Insurance is an independent insurance agency that provides insurance that fits your lifestyle. Indeed, we offer a variety of commercial property insurance policies to meet the needs of your unique business.

 

WHAT IS IT

Commercial property insurance is a policy that provides coverage for your business structures, assets, and possessions associated with your business. This business insurance reimburses you for damages or loss of physical assets that occur because of perils covered in your policy.

WHY DO I NEED IT

Commercial property insurance provides coverage to pay for damages to your business property. Indeed, this protection can help you avoid significant financial losses that could damage or even shut down your business.

WHO NEEDS IT

Business owners need  commercial insurance to protect the building and the assets inside. Thus, anyone who owns or rents business property needs to have the proper insurance to protect their assets.

Commercial Property Insurance Coverage Details

Commercial property insurance protects all the physical assets related to your business. No matter what type of business you have, you need insurance to protect your building, tools, and inventory. In fact, commercial property insurance provides coverage for a variety of perils that can threaten your success.

Coverage

Commercial property coverage provides protection for certain perils (events) that damage the physical assets related to your business. The policy protects the building and possessions inside. Commercial property insurance can be purchased as an independent policy or as part of a commercial insurance package. The amount of coverage you need depends on the type of business you run and the assets you need to protect. Your commercial property insurance policy may cover the following assets.

The Building and Structures on the Property

Damages to your building could quickly add up. The policy will pay for materials needed to rebuild or repair the building and other structures, like outbuildings or a garage, located on the property.

Exterior Signs

Coverage provides sign repair or replacement that is installed on your building or the surrounding area that gets damaged.

Furniture and Other Equipment

The furniture and equipment used to run and maintain your business property are valuable assets. This may include equipment used to create an inventory or other items stored on the premises that helps maintain the building and surrounding property.

Computers

Coverage is included for damaged computers and related software used in your business. Coverage also extends to damaged incurred while taking care of a covered event (like water damage from automatic sprinklers that activate with your smoke alarms).

Fencing and Other Landscaping Features

Your landscaping features add appeal to your business and meet local building codes. Also, it covers permanent landscaping features installed on your commercial property.

Important Documents

Documents vital to your business and your customers may be damaged during an event.

Inventory

Many businesses house valuable inventory that is prepared to ship. Inventory located on the covered property is protected by your commercial property policy.

The Personal Property of Others

Personal property that isn’t typically located on your commercial property is referred to as third-party property. Further, this includes employees’ possessions, construction workers’ possessions, or other personal property on your commercial property for a valid reason.

How Commercial Property Insurance Protects Your Assets

Reliable Commercial Property Insurance in Massachusetts

Commercial property insurance helps you get back on your feet in the event of a disaster. The policy provides reimbursement for the damage or loss of covered business assets. Your agent can help you find the customized coverage you need, including the amount of coverage and how you should be reimbursed. It’s important that you discuss the two types of coverage provided by most insurance companies.

  • Replacement Cost: While it’s typically more expensive, it is usually the best option. Replacement cost pays to repair or replace items with products and materials of the same or comparable quality. This is important, because replacement could cost significantly more than your aging products were worth.
  • Lastly, Actual Cash Value: This coverage pays the current value of damaged property. Further, you are reimbursed for the value of the product or repair minus depreciation.

Covered Perils

Your commercial property insurance policy provides coverage for specific incidents (perils) that could damage your business and result in significant financial losses. Your commercial property insurance typically covers these perils.

  • Fire
  • Theft
  • Burst pipes
  • Vandalism
  • Explosions
  • Lastly, storms

Ask your independent agent about adding other optional coverage. Indeed, talking to your agent about your unique location, type of business, and personal risks can help you understand the exact coverage you need. In fact, our independent agents take the time to get to know you and the important features of your unique business. We use this information to provide you with advice about the options available to provide you with the best commercial coverage at the lowest cost available.

Commercial Property Insurance Frequently Asked Questions

How much will my commercial property insurance cost?

There are a variety of factors that help your agent determine the cost of commercial property insurance. Your agent will likely need this information about your business.

  • Location
  • The age of your building
  • Type of business
  • Updated safety features on the property
  • The type and age of equipment used in your business
  • The types of hazards covered by your policy
  • The amount of your deductible
Does commercial property insurance cover earthquakes and floods?

A typical commercial property insurance policy excludes earthquake and flood coverage. However, you can purchase additional coverage to protect you against these perils. 

What if the damage to my commercial property stops me from collecting rent?

Commercial property insurance typically provides coverage when a current renter is forced to leave the property due to covered damages. Even if you're in between tenants, you may be able to be reimbursed for the cost of lost rent. This is because of the concept of opportunity cost. If your property wasn't under repair, you could potentially be earning rental income. Therefore, you can recoup the potential lost rental income.

How do I know if I need commercial property insurance?

If any of these circumstances apply to your business, you probably need commercial property insurance. If you're not sure, it's important to discuss your options with your independent insurance agent.

  • You own or rent an office or building
  • Have valuable items like computers, tools, or culinary equipment to help run your business
  • You lease equipment
  • You store or manage inventory 
  • Your business manufactures products
  • You are responsible for the property of others
Will I have to pay a deductible if I file a claim?

A commercial property insurance policy typically requires you to pay a deductible. The amount of your deductible may be determined by certain factors like your location, the type of business you own, and the amount of your premiums. Your insurance agent can help you decide whether you need a per occurrence (flat rate deductible for a covered peril) or per building (a certain amount that applies to each damaged building) deductible.

Learn More About Commercial Property Insurance

To learn more about commercial property insurance and other commercial policies designed to protect your business, get in touch, today. In fact, our agents are standing by to answer your questions, provide more information about our policies, or offer a quick quote for the policy you need right away. Let us take care of your insurance so you can have the peace of mind you need to get back to taking care of your business.

Have any Question? Ask us anything, we’d love to answer!

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