Commercial Property Insurance
Safeguard your property, inventory, and income with customized insurance solutions.
%
Increase in Property Claims
Commercial Insurance Losses in 2023
Coverage Options
FAQs
Building Coverage: Protects the physical structure of your business, including walls, roofs, and floors, from risks like fire, theft, vandalism, and certain natural disasters.
Contents Coverage: Covers the contents within your building, such as office equipment, machinery, furniture, and inventory. This coverage ensures that your business assets are protected if they’re damaged or stolen.
Business Interruption Insurance: Also known as business income insurance, this coverage helps replace lost income if your business is unable to operate due to a covered event. It can cover expenses like rent, payroll, and taxes during the downtime.
Equipment Breakdown Insurance: Covers the cost of repairing or replacing mechanical equipment that breaks down due to internal issues like power surges or mechanical failures. This is especially important for businesses reliant on specialized equipment.
Natural Disaster Coverage: Depending on your location, you may need additional coverage for natural disasters like floods, earthquakes, or hurricanes, which are often not included in standard policies.
Liability Coverage: Protects against legal liability if someone is injured on your property or if your business activities cause damage to someone else’s property. This may be included in a broader package or purchased separately.
Tenant Improvements: If you lease your space and have made improvements to the property (like adding walls, fixtures, etc.), this coverage protects those investments if they’re damaged.
What Isn't Covered?
Standard policies often exclude coverage for certain natural disasters, like floods and earthquakes, unless additional coverage is purchased. Other exclusions might include wear and tear, intentional damage, and losses due to war or government action.
What is Business Interruption?
Business interruption insurance, sometimes included as part of a commercial property policy, covers lost income and operating expenses if your business is temporarily unable to operate due to a covered event, such as a fire or natural disaster. This helps keep your business afloat during the recovery period.
What if I Lease?
Yes, even if you lease your space, commercial property insurance is important. While the building owner may have insurance on the structure, your policy can cover your business’s contents, such as equipment and inventory, and protect your financial interests in the event of damage.
Replacement Cost vs Actual Cash Value
Replacement Cost covers the cost to replace damaged or lost property with new items of similar quality, without deducting for depreciation. Actual Cash Value, on the other hand, pays the depreciated value of the property, which might be less than the cost to replace it.
Secure Your Future Today
Don’t wait until it’s too late. Contact MHP Group for a personalized consultation and discover how commercial property insurance can protect you and your company.