Commercial Property Insurance

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Commercial Property Insurance in Massachusetts. Helping Massachusetts businesses find the best coverage and price since 1959.

Commercial property insurance helps cover direct physical loss of or damage to property due to a covered cause of loss. This includes buildings, furniture, signage, inventory, equipment, or other property within or directly around the described premises. It may also cover repairs, and replacement of damaged, or stolen property. There are three main coverage options:

  • Basic form covers only damages from fire.
  • Broad form covers damages due to fire, losses from theft, and a few other risks.
  • Special form covers fire theft losses, and more, unless otherwise excluded in the policy language.

Commercial property insurance is just one facet of a comprehensive business insurance plan. While it can be purchased on its own, most often this type of coverage is “bundled” into a broader program, including general liability or a business owners policy coverage for any bodily injury or damage to the property of others. More complex than personal property insurance (i.e. home insurance), commercial property insurance comes with some significant variables — policy limits, named and excluded perils, and more; each of these variables should be examined and evaluated by a local professional to insure you have the right coverage.

Do I Need Commercial Property Insurance?

Every business that has a physical location should carry commercial property insurance. This includes home-based businesses, since an unendorsed homeowners’ insurance policy isn’t intended to cover business property. Commercial property business insurance covers property that a homeowners’ insurance policy may not. For example, most homeowner’s policy language may not cover a detached structure used for business use, or even business storage. So, it’s important for business owners to protect themselves with a commercial property policy in this case.

Mixed-use Building in North Carolina
What Can Commercial Property Insurance Cover?

Commercial property insurance can cover the following:

  • Property, equipment and tools, inventory, and furniture
  • Damage to covered property due to fire, lightning strikes, or robberies
  • Lost income due to property damage (depending on the situation, this may be covered by business income insurance)
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What Can Commercial Property Insurance Cover?

Commercial property insurance can cover the following:

  • Property, equipment and tools, inventory, and furniture.
  • Damage to covered property due to fire, lightning strikes, or robberies
  • Lost income due to property damage (depending on the situation, this may be covered by business income insurance)

What does Commercial Property Insurance NOT cover?

  • Accidents (Examples: a customer slips while in your store and needs medical care; these are covered under business liability insurance.)
  • War, nuclear disaster, government seizure of property, flood and earthquake damage are typically not covered on a commercial property policy.
How Much Does Commercial Property Insurance Cost?

The cost of commercial property insurance will vary due to factors like property value, location, number of properties, industry, and risks. The insurance broker will also take into account the status of the physical property and consider factors like age, when a structure was last updated or renovated, the materials it’s made of, etc. Compared to other insurance coverages, property insurance is reasonably affordable. Depending on what property is covered, the premium can be a small percentage of the value of the property it’s covering.

Insurance companies will conduct a valuation – the determined payout amount on a covered property, the actual cash value, replacement cost, and the agreed value. It’s important for the insured to review and understand these numbers, since they represent what the insurance company will pay in the event of a covered lost. The insurance agent should negotiate the best terms for the client with underwriters.

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Why C&S Insurance?

As a small, local business, we value our customers and take the time to learn about their risks and what insurance options are best for them. We do the work and regularly follow up to make sure our customers continue to get the best rates for the right coverage.

As an agency, we have access to many specialty programs, such as residential home builders. In fact, we’re one of the two agencies that has access to the Central Homebuilder’s program in Massachusetts. In this program, we offer a unique builder’s risk coverage that can cover the labor and materials in new spec or custom home construction project. As long as the policy is effective, or if it renews, it can continue the coverage on the property until it’s sold. For example, if a company is building a spec home for a new residential community, that home will be covered while vacant and on the real estate market. There’s no need to apply for another insurance policy to cover the vacant home— C&S has got you covered.

Frequently Asked Questions.
What is commercial property insurance?

Commercial property insurance helps cover physical damages or loss of physical property, including includes building structures, furniture, signage, inventory, equipment, and other property.

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How much does commercial property insurance cost?

The cost of commercial property insurance will vary due to factors like property value, location, number of properties, industry, and risks.

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How much do I need to insure?

It’s important to insure your property to its full value. Depending on the insurance policy, partially insured property may not be covered in a loss.

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How do deductibles work?

The deductible amount depends on the policy. It also depends how property is insured.

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