What Does Commercial Building Insurance Cover?

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What Does Commercial Building Insurance Cover?

As a business owner, your building is most likely your most significant asset. That’s why it’s of the utmost importance you keep it protected.

It doesn’t matter if you the building owner, the tenant or both, if there’s even a small chance of your building could be subject to theft, fire or natural disaster, expensive repair needs or even lost revenue–and there is unquestionably a chance for all those things–then commercial building insurance is well worth considering.

Commercial Building Insurance Basics

When it comes to commercial building policies, no two are alike just like the companies that provide the coverage. However, most policies will cover losses stemming from:

  • Wind and Hail
  • Fire
  • Vandalism and Theft

Most of the time, there are other aspects to cover not just the building that need to be protected. Generally, those can be added to the policy as well, such as

  • Any signage
  • Furniture and equipment
  • Inventory
  • Fencing and landscaping
  • Other’s property

As the building owner, you want to make sure your investment is fully protected. Many times, banks will also require you to carry building insurance as part of lending requirements.  

However, if you don’t own the building but are leasing the space, you will want to look into a building policy to provide coverage for any improvements you make to your area.  Often it is stated in the lease that it is the tenant’s responsibility if a loss occurs to repair the damage themselves.

Each policy will have different limits and coverages. We can help you determine what is best for your situation.

Commercial Building Insurance Policy Limits

When setting the limit of coverage for the building, you want to set it for what it will realistically cost to rebuild the building.  This isn’t the sales price or the price that shows for property taxes. It will be what it costs to rebuild with today’s material and construction costs.  It’s important to note that most insurance companies will require you to insure the building for at least 80% of its replacement cost and some may even require 100% insured to value. Not doing so could result in a coinsurance penalty come claim time.

Questions About Your Commercial Building Coverage?

We know it can be overwhelming to understand all the aspects of a commercial building policy and what it covers. If you are concerned about your current coverage or do not have coverage for your building and would like to discuss your options, please feel free to give us a call. Our knowledgeable insurance experts will be happy to go over your particular situation and advise you of all your options.

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