Commercial property insurance can refer to a physical structure, such as a building, or business property, such as business equipment, furniture, inventory, and electronics.
Coverage is primarily intended for property you own but can also include property you lease, rent, borrow or temporarily have in your possession.
The owner or person in charge of the property is a very critical component when figuring out how to properly insure business property.
One of the most common types of business insurance is commercial property insurance, which provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, wind and other natural or manmade disasters are examples of what is typically covered.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent insurance agent, Minnesota Insurance Group, Inc. can help you determine the type of insurance policy and range of coverage that is best for your business.
For a full list of coverage available, or to learn more about this business property insurance, contact us today.
About Commercial Property Insurance in Minnesota
Insuring Buildings Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give us a call today, and we’ll help you determine if you have enough commercial property insurance for your business.
Flood Insurance Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask us to review your insurance policy, and we’ll help you find the best solution.
Business Personal Property Coverage Business personal property insurance covers property at a specified location such as furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage) This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. We strongly recommend that all businesses acquire this coverage.
Electronic Data Processing (EDP) Insurance This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Minnesota Insurance Group, Inc. understands the business insurance needs of our customers in Wayzata or anywhere in Minnesota. The right coverage for you is unique – call us today to find out how to protect your business and your future with the right insurance.
Commercial Property Insurance Can Cover Losses Such As:
The furnace goes out over a cold weekend in January causing pipes to freeze and burst. Water damages the office, equipment and files.
Thieves break into your office complex resulting in the theft of computers, equipment and machinery.
An ice dam forms on the roof of your building causing damage to the roof and ceiling. Water leaks into your office damaging your business furniture and equipment.