WEDNESDAY, JANUARY 24, 2024
Businesses depend on various types of property to maintain smooth and timely operations. After all, even as the digital age pushes more companies’ daily operations into cyberspace, electronic devices, servers and other technology are needed. Furthermore, many commercial enterprises of all sizes and across all industries continue to rely on other tangible assets. As such, incidents affecting a business’s physical property could have far-reaching financial ramifications that could destabilize fiscal stability and jeopardize future growth.
What Perils Are Covered by Commercial Property Insurance?
Also known as business property insurance, these policies can provide organizations with versatile and robust financial protection. Many common incidents and perils may transcend industry lines and threaten many different types of organizations. Fortunately, commercial property insurance typically includes coverage for the following:
In some cases, businesses may also want to consider augmenting their commercial property insurance with coverage for additional perils that may not be included in standard policies, such as the following:
What Types of Property Can Be Covered by Commercial Property Insurance?
Commercial enterprises may rely on many different types of property to conduct their operations. Fortunately, commercial property insurance can often be customized and tailored to suit an organization’s unique circumstances. Coverage can potentially encompass an extensive variety of assets, such as the following:
- Cell phones
- Servers and networking equipment
- Heavy machinery
Policyholders may also be able to add various endorsements to their commercial property insurance. For example, business interruption coverage may often be available as an additional financial safeguard. This feature of a business’s loss control measures can help pay for ongoing expenses and financial losses related to the ripple effects of damaged property, such as if a building is rendered temporarily uninhabitable or if a key piece of equipment malfunctions or breaks, disrupting normal operations.
This type of coverage, also known as business income insurance, may specifically entail financial assistance for the following costs and losses:
- Rent or mortgage payments
- Reduced revenue
- Employee wages
- Loan payments
- Relocation costs
- Tax payments
- Training costs for new equipment or machinery
Get the Right Coverage
At Epic One Insurance Group, our dedicated staff has over 50 combined years of experience serving the coverage needs of businesses, families and individuals in East Dundee, Elgin and throughout Illinois. We will draw on our extensive knowledge and resources to help companies fully understand the value of commercial property insurance and tailor optimal coverage according to their unique needs. Visit our website or call 847-305-4837 to learn more or to get a personalized quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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