Commercial Property Coverages
There’s a lot at stake when your business property faces potential damage. Commercial property can be expensive to repair and you want to avoid downtime as much as possible. Property insurance provides coverage for land and buildings, and also personal property on the premises. A deductible usually applies to each loss. These types of commercial property coverages are available on your CPP.
Buildings and Business Personal Property
Building coverage includes the building, attached and unattached structures, outdoor fixtures, and installed machinery and equipment. However, property coverage includes property on the premises not expressly excluded in the policy.
Coverage Extensions and Additional Optional Coverage
If your standard coverage doesn’t provide the entire scope of protection you need, you can add coverage extensions to your CPP. These optional coverages may include flood, earthquake, agreed value on buildings, fine arts, money and securities, and spoilage due to temperature change.
Commercial Crime Coverage
Crime coverage protects your business against loss related to crime like theft by burglary, robbery, or employees. This covers money and securities both on and off the premises.
Employee Dishonesty Coverage
This protects an employer from financial or property loss due to the fraudulent acts of employees.
Equipment Breakdown Insurance
This critical protection is often excluded from standard commercial policies, but it can be used to cover all electronic losses including telephone systems and computers. This protection covers both repairs and business interruptions related to the covered event.
Inland Marine Insurance
This provides coverage for possessions in transport as well as the property of others in your care. It also covers property not usually found on business premises like employee’s possessions and contractor’s equipment.