What does commercial property insurance cover?
Commercial property insurance covers the physical assets your business owns or is responsible for. That generally includes the building if you own it, the contents inside such as furniture and equipment, your inventory, and in many cases the income you lose if a covered event shuts you down for a time. Whether you own your space or lease it changes what you need, and we account for that.
Who needs commercial property insurance?
Any business with a physical location and physical assets should carry it. That includes owners of commercial buildings and tenants who lease their space, since a lease often makes you responsible for your own equipment, inventory, and improvements. If your business has things in it worth protecting, this is the coverage that protects them.
What is a Business Owners Policy (BOP)?
A Business Owners Policy, or BOP, bundles commercial property coverage and general liability coverage into a single policy. It is built for small and midsize businesses with a manageable risk profile, and bundling the two is often more cost-effective than buying them separately. Not every business qualifies for a BOP, and not every business should use one. We will tell you whether it is the right structure for yours.