Commercial Property Insurance

Flood coverage requires a separate policy.

Turnaround varies by location details and carrier requirements. We will confirm timing after review.

Yes. We can insure tenant improvements and contents.

We can schedule multiple locations on one policy.

Equipment breakdown can be added as an endorsement.

We can structure coverage for replacement cost value.

Signs can be covered with specific endorsements.

Coinsurance is a policy requirement, typically 80, 90, or 100 percent, that you must insure your property to at least that share of its full replacement value. Fall short and a partial claim gets reduced proportionally. For example, on a $500,000 building with an 80 percent requirement, you must carry at least $400,000; carrying only $300,000 on a $100,000 loss would pay $75,000 instead of the full amount.

A Business Owner's Policy (BOP) bundles commercial property insurance with general liability coverage at a discounted combined rate, and is designed for small to mid-size businesses, generally under about $6 million in annual revenue. Standalone commercial property insurance is purchased on its own and works for businesses of any size, including those that do not qualify for a BOP.

Replacement cost pays what it costs to replace damaged property with new property of similar kind and quality, with no deduction for depreciation. Actual cash value (ACV) pays replacement cost minus depreciation, so the payout shrinks every year your equipment ages. On $300,000 of equipment with 50 percent depreciation, ACV would pay about $150,000 while replacement cost would pay the full $300,000.

Named perils policies (Basic and Broad form) only cover causes of loss specifically listed in the policy, and Basic form does not cover a burst pipe. Special form, also called open perils, covers every cause of loss except what is specifically excluded in writing, so the insurer must prove an exclusion applies rather than you having to prove the loss fits a listed peril. Most businesses are better protected under special form.

Premiums are based mainly on the replacement value of your building and business personal property, then adjusted for construction type, business occupancy, location and fire protection class, building age and condition, sprinkler and security systems, deductible level, and claims history. An independent agent can compare rates across multiple carriers for your specific property.