Commercial Property Insurance
Commercial Property Insurance protects your investment in property from damage or loss.
What is Commercial Property Insurance?
Commercial Property Insurance is a policy meant to protect the tangible assets that your business owns. This policy is usually purchased by companies that want to insure their buildings, contents, and equipment from various forms of damage.
Why You Need It
1
To Satisfy Bank Loan Requirements
When a building or expensive equipment is listed as collateral on a loan, the bank will require the property to be covered under a commercial property insurance policy. This requirement is in place to protect the bank’s investment—if a catastrophe were to happen, the insurance company would pay the loan and clear the debt.
2
To Protect Investment In Physical Assets
Assets such as real estate or expensive machinery might account for a significant portion of your business’s value. Experiencing damage to or a loss of that property (and the resulting loss of revenue the property or equipment generated) could be devastating to a business.
3
To Cover Property Owned by Others in Your Custody
Your business may handle or store property owned by clients, vendors, or partners. If disaster strikes, causing damage or loss to these assets, you could be liable. Commercial property insurance offers protection in these instances, covering repair or replacement costs and ensuring your business relationships remain secure.
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What Commercial Property Insurance Covers
Hail Damage
A hailstorm causes extensive damage to your building or property.
Fire Damage
An electrical malfunction results in a fire that destroys the building and inventory.
Windstorm Damage
A tornado touches down near your building and causes significant damage to the structure.
Freezing Pipes
A freeze causes pipes to burst and leads to water pooling throughout the building.
Vandalism
Someone breaks into your property and vandalizes the building, damaging the building and contents inside the building.
Falling Objects
Debris unexpectedly falls from the sky and damages your property.
Weight Of Snow, Ice, Or Sleet
The weight of accumulated snow causes the roof to collapse.
Explosions
A nearby transformer explodes and the resulting debris damages your property.
Theft
Someone breaks into your property and steals expensive inventory from the building.
Lost Income After Damage
Income lost due to property damage from a covered claim.
What Commercial Property Insurance Doesn't Cover
Not Covered
War
Any damage caused by war is excluded from commercial property insurance.
Not Covered
Flooding
Any damage as a result of rising floodwaters.
Not Covered
Earthquake
Earthquakes are not covered under the commercial property insurance policy.
Not Covered
Terrorism
Commercial property insurance does not cover terrorism events, unless you opt into the terrorism insurance program (TRIA).
Reasons To Have Commercial Property Insurance Coverage
Commercial Property Insurance is a must have for businesses that need:
To Satisfy Bank Loan Requirements
When a building or expensive equipment is listed as collateral on a loan, the bank will require the property to be covered under a commercial property insurance policy. This requirement is in place to protect the bank’s investment—if a catastrophe were to happen, the insurance company would pay the loan and clear the debt.
To Protect Investment In Physical Assets
Assets such as real estate or expensive machinery might account for a significant portion of your business’s value. Experiencing damage to or a loss of that property (and the resulting loss of revenue the property or equipment generated) could be devastating to a business.
To Cover Property Owned by Others in Your Custody
Your business may handle or store property owned by clients, vendors, or partners. If disaster strikes, causing damage or loss to these assets, you could be liable. Commercial property insurance offers protection in these instances, covering repair or replacement costs and ensuring your business relationships remain secure.
What Does Commercial Property Insurance Coverage Cost?
Cost can vary based on your location and the specifics of your insured property. Here are examples of commercial property quotes:
| Apartment Building | Shopping Center | Wood Products Manufacturer | |
|---|---|---|---|
| State | OK | AR | OR |
| Leased/Owned | Owned | Owned | Owned |
| Square Footage | 78,929 sq ft | 14,475 sq ft | 20,000 sq ft |
| Building Limit | $13,426,525 | $2,388,375 | $3,547,000 |
| Contents Limit | $290,000 | $0 | $25,000 |
| Deductible | $10,000 | $2,500 | $10,000 |
| Wind/Hail Deductible | 2% | N/A | 2% |
| Monthly Cost | $5,798 | ||
| Annual Cost | $53,015 | $5,322 | $26,466 |
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What Our Customers Are Saying
I’ve worked with Austin at LandesBlosch. He is upfront and honest, active in the community, and helpful even beyond basic insurance. I’d recommend LB to anyone.
Colton J.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
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