Commercial Property Insurance Coverages

Commercial property coverage is one of the most basic forms of business insurance and comes standard in most business policies. If you’re a business owner, you probably have this coverage. But what exactly does it cover? Each policy from various insurance carriers will differ in terms and conditions, exclusions and limitations. Below is a list of general items that are likely to be covered, however, you should check with your agent or insurer for the specifics of your unique policy.

1. Computers and media: Similar to personal property coverage, this policy covers computers, hardware, software etc. It can also cover replacement or repair of lost or damaged data resulting from covered damage to computer equipment.
2. Equipment breakdown: Covers the expenses associated with repairing or replacing equipment following mechanical breakdown, including air conditioners, boilers, phone systems, break room appliances etc.
3. Personal property: This includes contents owned by the business, which may include furniture, merchandise, fixtures/artwork, raw materials etc.
4. Laptops: This coverage is unique from general computer coverage because it protects laptops and other portable/mobile devices at any location worldwide, and even while in transit.
5. Lock and key replacement: Covers the cost of rekeying your business’ locks following the theft of the keys to the premises.
6. Property of others: Protects you against damages or loss to the property of customers that is in your business’ possession, such as computer equipment undergoing repairs by your business.
7. Business income: Offers reimbursement for a loss of earnings resulting from a covered loss or damage to your property. It can also cover higher costs of continued operations after a covered claim.
8. Money and securities: Covers money and securities used in your business if they are lost, stolen or damaged.

Your agent can help you select a policy that has the coverages your business needs for optimal protection of its assets. Don’t miss the chance to work with a professional agent in finding the right policy at the right price.

Ask us about how to properly insure your business. Call us at 888-565-2212 for more information on Long Island business insurance.