Commercial Property Insurance
Whether you run your business out of a commercial building or out of your home, it’s essential to make sure all of the physical assets of your business are protected. Commercial property insurance covers everything from the actual physical building, to any tools, equipment, inventory, furniture, or personal property that is on the premises. At Northeastern Insurance, we will work with you to customize a policy specific to your needs so you have more time to focus on what matters most- your business!
Types of Commercial Property
- Restaurants
- Office Buildings
- Retail Spaces
- Apartment Complex
- Hotels
- Malls
- Healthcare- Medical, Dentist, etc.
- Multifamily Properties
- Grocery Stores
- Self-Storage Units
- And More!
What Does Commercial Property Insurance Cover?
Commercial Property Insurance will cover any damage* to your business that results from the following-
- Fire
- Theft
- Wind
- Lightning
- Burst Pipes
- Vandalism
In the event that there is a covered loss and you are unable to operate your business while repairs are being done, there will also be coverage to replace any lost income during that time period. Have peace of mind knowing that you and your business will be taken care of when you need it most as you are brought back to whole.
*Subject to Underwriter review
How Much Does Commercial Property Insurance Cost?
There are several different rating factors that go into consideration when creating a customized policy. Typically, this type of coverage is reasonably affordable, especially when comparing it to how much you would be paying out of pocket if you had no coverage at all! Here are some factors to consider when customizing your coverages:
If you are located in an area with a higher population and higher crime rate, you may receive a higher rate. The more exposed your business is to crime, the more your business is at risk, which could be reflected in the premium.
Depending on the amount of foot traffic and how many people are usually onsite at your business, your rate may be affected. For example, the more people that you have consistently on the premises between customers/staff/etc., the higher risk you face being liable for everyone on the property of your business.
If the materials used to build your business are fire-resistant or less prone to fires/other damage- you may receive a lower rate on your policy. In the event of a covered loss, there should potentially be less damage with better materials, so the repairs shouldn’t be as costly.
Similar to a homeowner’s policy, by installing burglar alarms, smoke detectors, and other safety features, you may be eligible for discounts or receive a lower rate.
** Please Note **
If you conduct your business out of your home- a personal Home policy does not typically provide the correct coverages! There is typically a $1,000-$1,500 limit on personal property coverage used for your business, which usually isn’t enough to cover all the physical damage in the event of a loss. Also, if you have clients visiting your home to do business it will provide the correct liability coverage in the event of any injuries.
Get Commercial Property Insurance Today
Connect with one of our local agents to review your business, assess your coverages, identify any gaps, and find the most competitive rate. For any type of business operation, we are here to help.
Call our office, submit a quote request online, or meet with an agent in person at our local office to start saving today.