Reliable Commercial Property Insurance
Your business property is a big investment. A severe storm, fire, or other unexpected disaster could mean massive financial loss. Properly protecting the business will benefit yourself, your employees, and your customers. LoPriore Insurance is an independent MA insurance agency providing insurance that fits your lifestyle. Indeed, we offer a variety of commercial property insurance policies to meet the needs of your unique business.
MA Commercial Property Insurance Quote Options
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WHAT IS IT?
Commercial property insurance provides coverage for your business structures, assets, and possessions associated with your business. It 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 pays for damages to your business property. Indeed, this protection can help you avoid significant financial losses that could slow or even shut down your business.
WHO IS IT FOR?
Business owners need commercial insurance to protect the building and the assets inside. Thus, anyone who owns or rents property to run a business needs to have the proper insurance to protect their assets.
Commercial Property Insurance Coverage Details
Commercial property insurance covers certain perils that could damage the physical assets related to your business. It protects the building and possessions inside. It 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. A typical policy covers the following assets.
The Building and Structures on the Property
Damages to your building could be very costly to deal with. 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.
If your company sign is damaged, the policy pays to repair or replace it. This is for signs installed on your building or elsewhere on the plot of land.
Furniture and Other Equipment
The furniture and equipment used to run and maintain your business property are covered 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 and related software used in your business are protected. Coverage also extends to damages 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 adds appeal to your business and meets local building codes. Often permanent landscaping features are installed on your commercial property. All of this is covered.
Documents vital to your business and your customers may be damaged during an event. They are protected by such a policy.
Many businesses house valuable inventory in preparation to ship. Such inventory is covered.
The Personal Property of Others
Personal property that isn’t typically located on your commercial property is referred to as third-party property. This includes employees’ possessions, construction workers’ possessions, or other personal property there for a valid reason.
How Commercial Property Insurance Protects Your Assets
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.
- 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.
Your commercial property insurance typically covers these perils.
- Burst pipes
Ask your independent agent about adding other optional coverage. LoPriore’s independent agents invest the time to get to know you and your unique business. We use this information to then advise you about the options available to provide you with the best commercial coverage at the lowest cost.
Get Insurance Coverage
Tailored To Your Business
Quote Request Form
Get Insurance Coverage Tailored To Your Business
Quote Request Form
Commercial Property Insurance Frequently Asked Questions
Premium costs vary. Multiple factors determine the cost of commercial property insurance.
• The age of your building
• Type of business
• Safety features on the property
• The type and age of equipment used in your business
• The types of hazards covered by your policy
• Your deductible
Not usually. However, you can purchase additional coverage to protect against these perils.
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.
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
In the event of a claim, you will have a deductible. 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
If you own a business in Massachusetts, you need the proper insurance to protect your property. Our independent agents take the time to listen to your unique needs and help you find the ideal coverage for your situation. Instead of trying to sell you huge policies, we provide you with the coverage you need at prices you can afford.
Get in touch with the LoPriore team today to learn more, receive answers to your questions, or for a quick policy quote.
Have any Question? Ask us anything, we’d love to answer!