What is commercial property insurance?
Insuring a commercial property that’s owned by a business or investor is a little different than insuring a residential house. For those with commercial property in Vermont, there’s commercial property insurance.
Commercial property insurance provides tailored protection for a business’s properties and other assets. Policies may protect assets against a range of perils that could cause loss or damage.
Which Vermont businesses should carry business property insurance?
Most businesses and investors with commercial properties in Vermont should get business property insurance. Businesses might also want coverage for valuable equipment, inventory, or other assets.
What types of buildings is business property insurance able to cover?
Business property policies are available for a wide range of buildings. Policies could cover everything from retail malls and restaurants, to warehouses and agricultural buildings. Office buildings, multi-family housing, and special-use properties are also usually easy to insure, as are most other properties that businesses or investors own.
While policies are available for these many different properties, not every policy is suited for every type of property. An insurance agent who is knowledgeable in commercial property can help businesses find a policy that’s designed for their property type.
What coverages are included in business property policies?
Business property policies typically come with several different coverages, which normally protect different assets. Some commonly included in these policies are:
- Building Coverage: Normally for the buildings on an insured property, often including both a main building and other structures.
- Contents Coverage: Normally for items stored at the property, often including equipment, materials, products, electronics, furniture, and other items.
- Exterior Signs Coverage: Normally for outdoor signs that aren’t attached to the main building, unless these are already covered by building coverage.
- Tenant Improvements Coverage: Normally for modifications made by tenants to their leased space during a build-out or renovation.
Policies can offer other property protections, tailoring coverage to a business’s specific needs.
Do business property policies include liability protections?
Business property policies mainly insure physical assets. They usually don’t include liability coverages. Liability protections can often be obtained as separate coverages, which may be bundled with property coverages for more comprehensive protection.
Do business property policies include protections for digital assets?
Because business property policies are mainly for physical assets, digital assets usually aren’t included in these policies’ protections. Protection for digital assets may be available through cyber insurance or other options.
Are assets covered when outside the business’s insured location?
The contents coverage within business property policies usually applies to items at the insured location only. Assets normally aren’t protected by these policies when the assets are taken or kept off-site.
Other insurance options, such as adding a location to the policy, or getting inland marine insurance, could cover assets when they’re between locations or at another location.
Can business property policies cover multiple buildings?
Yes, many business property policies can be structured to cover multiple buildings. A policy may cover more than one building at the same location, or buildings at different locations. An experienced insurance agent can set up a policy that’ll protect the various buildings a business or investor owns.
How much does business property insurance cost?
The cost to insure a commercial building varies based on factors like the building’s location, size, construction type, and security features, among other details.
To get an accurate quote for insuring a specific building, businesses can work with an independent insurance agent. An independent agent will be able to obtain customized quotes from multiple insurers, to help you find the best combination of coverage and value.
How can businesses get commercial property insurance for buildings in Vermont?
For help insuring a commercial property that’s located in Vermont, reach out to the independent insurance agents at Burlington Insurance Agency. Our agents have helped many businesses protect the buildings and other assets that they own, and we have the experience to help you find the right commercial property insurance for your needs.
