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Fire & Water - Cleanup & Restoration

Understanding the Span of Commercial Property Insurance Coverage

10/2/2020 (Permalink)

green truck next to commercial property SERVPRO of North East Chester County

Businesses are susceptible to the ravages of countless forces of nature and humanity throughout their lifetimes. At any moment, properties are at risk of damage. Commercial insurance is therefore a necessary precaution for business owners. What exactly does property insurance cover though? Read on to find out.

What Physical Aspects Does Commercial Property Insurance Cover?

Commercial property insurance covers a business's physical capital/assets. This includes buildings, the contents of buildings and assets outside of buildings. Both office and manufacturing equipment like computers and heavy machinery are generally covered, as are inventory, necessary documents, outer features like fences and any other physical item you are willing to pay to insure. The cost of repairs, hiring a professional restoration company in Phonexville, PA if necessary and the cost of replacement in the case that broken property is irreparable all come under the umbrella of commercial property policies.

What Kind of Damage/Loss Does Commercial Property Insurance Cover?

Commercial insurance also protects against a wide variety of damage types and loss. Coverage usually includes the following:

Fire damage (including smoke and soot damage)
Loss from theft or vandalism
Storm damage
Burst pipes

Some kinds of damage are not normally included in a commercial property insurance package. Earthquake and flood coverage, for example, are usually optional.

What Amount Does Commercial Property Insurance Cover?

So how much damage will commercial property insurance pay to repair? The amount varies, depending on how much you are willing to pay, though there is often a cap on how much the insurance company will pay out. Just like the price you pay varies based on the extent of your business assets, so too does the amount your policy covers; it will not always pay out every cent required after an incident.

Commercial insurance is a justified expense for any business. The protection afforded in the case of natural or human-made catastrophes makes the price well worth it.

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