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Commercial Property Insurance

Commercial Property Insurance Information

Depending on the type of business that you own, a physical storefront is very important. This is the hub of your operations. It is where where your employees gather to have a central place to complete their work and where customers come to meet with you. If you own the building, is is imperative that you make sure the building is protected in case something drastic should happen. How would you continue operating your business if a covered claim, such as a fire, prevents you from occupying the building?

If you don't own the building, you still own the contents inside the building which are crucial to the successful operation of your business. These items include computers, office furniture, machinery, tools, etc. Without these important items, you would not be able to be continue the operation of your business. 

What is Included in a Commercial Property Insurance policy?

Building Coverage

This coverage insures the building described in the declaration pages, outdoor fixtures and furniture, items used to service the property, permanently installed  machinery and equipment, and additions under construction including the materials, supplies, and equipment.

Business Personal Property Coverage (BPP)

Covers business personal property located in or on the building or structure described in declaration pages or in the open, within 100 feet of the building or structure, or within 100 feet of the premises, whichever is greater. BPP covers items such as: furniture and fixtures that are not considered building items; machinery and equipment not permanently installed; all other personal property owned by the insured and used in the insured's business; and labor, materials or services provided or arranged on personal property of others.

Personal Property of Others

Covers personal property of others that are in the care, custody, or control of the insured. Items are located in or on the building described in the policy, or in the open within 100 feet of the building, or 100 feet of the premises, whichever is greater.

Business Income and Extra Expense

These two items are  overlooked or dismissed, but they should not be. The truth is, without income coming in, how will you run your business? The answer is simple....you won't. Business income  coverage can offer lost income relief, along with expenses associated with recovery from a business' inability to run as usual following a covered loss. 

Extra expense provides income should you need to set up shop in a temporary location while repairs to your building or being made. It can also pay for increased expenses in your new location. For example, you rent at old location was $1,000/month. In your temporary location, the rent is $1,500/month. The $500 difference can be covered by the Extra Expense coverage.

This coverage is no automatic and needs to be selected by you. There are three options available: Business Income with Extra Expense; Business Income without Extra Expense; and Extra Expense.

Without adequate commercial property coverage, your business is at great risk to fail after a disaster or theft. Such events results in hundreds of billions of dollars in paid claims. Most businesses cannot afford such a substantial loss. Commercial property insurance can help with repairs, replacements and lost income during a difficult time like a natural disaster or theft. 

Our process has always been the same: We listen to your needs and work with you to create a plan that protects what is most important to you. 

Pepe Insurance Agency is here to help you choose the best commercial property insurance available for your business. Give us a call or request a commercial property quote today!



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