What is commercial property insurance?
When Pennsylvania businesses invest in buildings and other assets, that investment ought to be protected. Purchasing commercial property insurance can be an important part of protecting assets.
Commercial property insurance offers customizable protections for assets that businesses own. Policies may cover a variety of assets, and against a variety of perils.
Which Pennsylvania businesses need to carry business property insurance?
Most Pennsylvania businesses that own significant assets should consider business property insurance. Assets could include buildings, equipment, supplies, or even product inventory. This is something that many businesses can benefit from.
What types of buildings can business property insurance cover?
Business property insurance is generally available for most of the buildings that businesses own. Retail stores, restaurant buildings, office buildings, manufacturing facilities, agricultural facilities, distribution centers, special-use buildings, and multi-family housing might all be covered by this kind of policy.
That isn’t to say all policies can cover all buildings, but rather that policies are generally available for most types of buildings. An insurance agent specializing in business property insurance can make sure a chosen policy has the right protections for a specific building.
What coverages do business property policies come with?
Business property policies might include a variety of coverages. Some common options are:
- Building Coverage: Might insure the primary building on an insured property, and often extends protection to additional structures.
- Contents Coverage: Might insure various items kept at the property, such as equipment, supplies, product inventory, electronics, furniture, etc.
- Exterior Signs Coverage: Might insure outdoor signage when it’s not affixed to the main structure.
- Tenant Improvements Coverage: Might insure alterations made by lessees to the space that they rent.
Whether exterior signs coverage is needed depends on whether the business has a non-attached sign, and also on the specific terms of a policy. Some policies cover signs under building coverage, while other policies have a separate exterior signs protection. An experienced insurance agent can help sort through details like these.
Do business property policies offer any liability protections?
Business property mainly protects physical assets. These policies typically don’t include any liability coverages. Many liability coverages are available separately, however, and they can usually be bundled with property coverages.
Do business property policies offer any protections for digital assets?
Digital assets normally fall outside of what business property policies cover. For protection of digital assets, businesses might look at cyber insurance or another option. This, too, can usually be bundled alongside business property coverages.
Are assets covered by business property when they’re not at a business’s location?
Insuring equipment, supplies, and products when they’re not at a business’s location frequently requires specific coverage. The contents coverage that’s included in many business property policies normally only covers items when they’re at the insured location.
For protection outside of a business’s location, inland marine coverage, builders risk coverage, or another option might be useful. A knowledgeable agent can help determine precisely which coverages should be obtained.
Can commercial property policies insure multiple buildings simultaneously?
Many commercial property policies can be set up so they cover more than one building, including buildings at different locations. An experienced insurance agent can assist with finding a policy that’ll cover the buildings a business has.
How much does insuring a commercial building cost?
The cost of insuring a commercial building varies, as premiums are affected by factors like location, size, construction type, and security features. There are many other details that also impact insurance companies’ premiums calculations.
To find out how much insuring a specific building will be, businesses can check custom quotes. An independent insurance agent can request quotes from several companies, since they aren’t tied to just one insurer.
Where can businesses find commercial property insurance for buildings in Pennsylvania?
If your business needs to insure a building that’s in Pennsylvania, or any other assets, contact the independent insurance agents at The Miller Financial Group. Our agents have worked with many businesses to insure buildings and other assets, and we’ll make sure yours are well protected by a robust commercial property insurance policy.
