When property insurance first came about, it was restricted to the peril of fire only. Over time, the named perils on a policy have increased significantly and now include coverage for losses due to various perils such as vandalism, windstorms, theft, earthquakes, etc. These days, if there is a way for something to go wrong, there is an insurance to cover the loss from it.SC capital NW
The most common type of property insurance for businesses is a commercial package policy or a CPP. These packages usually include combined coverage for commercial property, liability, automobiles, crime and other major lines. Businesses can decide what coverage goes into the business package of their choosing. Some things come standard, but others need separate policies in order to have the coverage your business needs. For example, you may need to have boiler and machinery coverage in order to fully cover loss from the breakdown of your machines.
Some examples of types of property that can be covered by your business’s standard commercial property insurance policy:
- Completed additions
- Fixtures, both indoor and outdoor
- Permanently installed machinery and equipment
- Personal property you own that is used to maintain or service the business’s building or structure (think fire extinguishing equipment, floor coverings, appliances, outdoor furniture…)
- Stock including merchandise for sale
Some examples of things that are not covered:
- Accounts, bills, money, deeds, securities
- Animals, unless considered stock
- Automobiles held for sale
- Any paved surfaces like bridges, roadways, walkways, patios
- Pilings, wharfs, docks
Call us at (888) 390-6613 to find out more about what your commercial property insurance covers and what it may not. We can offer suggestions on additional insurance that will have your business covered for anything that could go wrong in the course of the work day and beyond.