Commercial Property Insurance
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Commercial Property Insurance Is Similar To Building Insurance, Real Estate Insurance, Property Insurance And Is Tailored To Specifically Cover Building Structures. Commercial Property Insurance Is A Type Of Insurance That Provides Coverage For Physical Assets And Properties Owned By Businesses. It Helps Protect Against Various Risks And Perils That Could Damage Or Result In The Loss Of A Business's Property, Including Buildings, Equipment, Inventory, Furniture, And More. This Insurance Typically Covers Events Such As Fire, Theft, Vandalism, Natural Disasters, And Certain Types Of Water Damage. It May Include:
Commercial Building Insurance
Protection for the physical structure of the building(s) owned or leased by the business.
Business Personal Property
Coverage for items such as equipment, inventory, furniture, and other assets used for business operations.
Business Interruption coverage
Reimbursement for lost income and additional expenses incurred if a covered peril interrupts the business operations.
Tools & Equipment
replaces the coost of equiment loss that are used to manage the property. Equipment that breaks down during a covered loss may be covered too.
earthquake & Flood
This insurance covers damage caused by an earthquake or flood itself – structural damage to your building, a cracked foundation, or a crumbled chimney
Do you have specific questions about Commercial property insurance or need help finding the right coverage?
Get Help With Insurance, Inc. can quote your insurance with several carriers that that provide insurance coverage for liability, property and much more.
We can get you Get You Commercial Building insurance
We can find insurance for it.
We insure a wide variety of different types of buildings including educational, industrial, warehouse, condominium, institutional, religious, storage, office, agricultural, multifamily, truck terminal, hospitality, manufacturing, central business, apartment, retail, hotels, infrastructure and more.
Business Owners Should Carefully Assess Their Needs And The Risks Associated With Their Operations To Determine The Appropriate Level And Type Of Commercial Property Insurance Coverage Required For Their Business.
The Cost Of Insurance Premiums Is Usually Determined By Factors Such As The Value Of The Property, Location, Type Of Business in the building, And The Level Of Coverage Selected.
The Most common types of losses in a builders risk claim include theft, fire, vandalism, property in transit, and ordinance of law.
It’s Important To Review Policy Terms And Conditions, Exclusions, And Coverage Limits To Ensure The Business Has Adequate Protection Against Potential Risks.
Working With An Experienced Insurance Agent Or Broker Can Help In Understanding The Options Available And Selecting The Most Suitable Coverage For A Business’s Needs. No matter how you are affiliated with the project, builder’s risk insurance will protect your interest in the property. These individuals include:
Categories of Real estate
- OFFICE BUILDINGS include single-tenant properties, small professional office buildings, downtown skyscrapers, and everything in between.
- CLASS A – Most prestigious buildings competing for premier office users, with rent above average for the area. Buildings have high-quality standard finishes, state-of-the-art systems, exceptional accessibility and a definite market presence.
- CLASS B -Buildings competing for a wide range of users with office spaces renting in the average range for the area. Building finishes are fair to good for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price.
- CLASS C -Buildings competing for tenants requiring functional space at rents below the average for the area. Medical office buildings are a specialty sub-sector in this space.
- RETAIL / RESTAURANT includes pad sites on highway frontages, single tenant retail buildings, small neighborhood shopping centers, larger centers with grocery store anchor tenants, “power centers” with large anchor stores such as WalMart, Smith’s, Best Buy, Target, PetSmart, Casinos, and so on even regional and outlet malls.
- MULTIFAMILY includes apartment complexes or high-rise apartment buildings. Generally, anything larger than a fourplex is considered commercial real estate.
- INDUSTRIAL buildings includes factories and mills that are primarily used for the production and storage/distribution of goods.
- APARTMENTS OR CONDO include garden or walk up apartments which are 1-5 stories, 5-400 units with no elevators, mid-rise apartments/condos that are 5-9 stories, 30-150 units with elevators, high-rise apartments/condos that are 9+ stories, 100+ units, professionally managed and special purpose group housing including retirement homes, nursing homes, or dormitories.
- LAND includes investment properties on undeveloped, raw, rural land in the path of future development. Or, infill land with an urban area, pad sites, and more.
- MEDICAL includes hospitals, nursing homes, mental hospitals, and sanatoriums.
- EDUCATIONAL includes colleges, elementary schools, orphanage, secondary school, schools, university, and nursery schools.
- HOTELS include full service hotels, motels, choultry, caravanserai, extended stay hotel, boutique hotel, casinos, and resorts.
- CIVIC includes arena or stadiums, a library, a museum, observatory, or community hall.
- WAREHOUSE/DISTRIBUTION includes bulk, ice house, cold/cool/refrigerator/freezer storage, high-cube, warehouse store or distribution fulfillment centers and container terminals.
- FLEX SPACE includes office buildings, laboratories, data center, call center, showrooms, and tension fabric buildings.
- RELIGIOUS FACILITIES include churches, a monastery, synagogue, temples, pagoda, or mosque.
- AGRICULTURAL includes abattoir, barn, chicken house, cow shed, farmhouse, granary, greenhouse, hayloft, pigpen or sty or root cellar, shed, silo, slaughterhouse, stable, storm cellar, well house, crib, windmill and workshop.
- TRANSPORT includes airports, bus station, taxi station, railway station, lighthouse, shipyard, spaceport, hovercraft, passenger terminal, boathouse, parking garage, or hangar.
- INFRASTRUCTURE includes composting, desalination plant, waste transfer, power generation, power distribution, transmitter building, dams, pump house, or fake buildings.
- GOVERNMENT includes city hall, consulate, courthouse, embassy, fire station, ,meeting house, police station, post office or assembly hall.
- MILITARY includes arsenal, barracks, bunker, blockhouse, citadel, or missile launch facility.
- OTHER SPECIAL PURPOSE include theme or amusement park, aquarium, bars, bowling alleys, car wash, funeral home, marinas, self-storage, theater or zoos.
OFFICE BUILDINGS BY SIZE
- Low-rise (less than 7 stories)
- Mid-rise (7-25 stories)
- High-rise (more than 25 stories) including skyscrapers, which are over 40 stories.
safety discounts
Safety Discounts are applied if:
- if you take good care of your property.
- Is your landscaping taken care of?
- Is the paint not peeling?
- no missing tiles
- roof updates
- Do you have special features that keep your property safe? Items such as a monitored burglar alarm, sprinklers in the ceiling, video surveillance or high quality roof work will drive insurance rates down.
- When you insure your General Liability, your Worker’s Compensation, your Commercial Auto policy together, these policies can receive a bundling discount.
How does commercial property insurance work?
Commercial property insurance is used to cover any commercial property. Commercial property insurance protects commercial property assets and their contents from loss like fire, explosion, burst pipes, storms, theft and vandalism, and natural disaster. These policies may also contain provisions of loss of rental income or an increase in business expenses that result from any of the resulting property damage.
how are rates determined?
Many different factors are used to determine the premium or rate. The age of the property building, roof, and business assets and the following factors are used to determine the rate:
- Location: Is the area prone to storms and other natural disasters?
- Construction: Is the building constructed with fireproof materials, wood, steel, masonry stucco, concrete tile or shingle roof? Does it have new or upgraded electrical wiring, plumbing and Air Conditioning units?
- Occupancy: Is the property vacant or occupied by tenants, What kind of industry are the tenant business involved in?
- Fire and theft protection: How far is the nearest fire hydrant and fire station? Does your business have a fire alarm and/or full or partial sprinkler system? How about a security system?
Do you need insurance if you are building a building?
Residential and commercial builders risk insurance policies are typically available for three construction segments:
- New construction: includes any new building constructed from the ground up, whether residential (home, apartment / condominium, duplex) or commercial (office building, restaurant, retail store).
- Remodeling: including or excluding the existing structure; involves structural and functional changes to an existing space beyond an installation.
- Installation: more limited in scope compared to a complete remodel; involves installing a single fixture or feature, such as new cabinets or flooring in a residential property, or an awning or signage for a commercial property.
While limits as to risk value vary by company, the Builders Risk Plan insured by Zurich offers coverage for course of construction projects valued up to $75 million.
What Types Of Builders Risk Insurance Policies Are Available?
From there, builders risk insurance policies types vary between providers. Despite differences in terminology, most builders risk insurance is available in a few different ways. Those policy types typically include:
- Single policy for contractors or owners with new construction, remodeling or installation project.
- Reporting form policy for contractors with multiple residential and commercial new construction projects.
- Blanket deposit premium policy for contractors averaging as low as 25 or more residential or commercial new construction builds a year.
- Blanket installation policy for trade contractors with residential and commercial projects.
Who needs Builders Risk insurance?
Almost every individual or entity with a financial interest in a completed course of construction project is eligible to purchase a builders risk insurance policy, including personal and commercial lines consumers.
Demand for a builders risk policy is often time sensitive. Most purchases occur prior to or on the date of construction when the contract is finalized, which means you’ll need to act promptly when your client requests about builders risk insurance coverage. With benefits like online policy issuance, responsive service, direct access to a dedicated team of underwriters, and a program insured by a financially stable carrier, US Assure is prepared to help you secure coverage quickly.
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non admitted basis. Product availability is subject to change.