Protect your property from damage, loss, and theft with commercial property insurance.
Is your business prepared for the worst?
Fire, flooding, theft, or accidental damage are unfortunate incidents that could not only damage or destroy your property but could also devastate your business. Whether it’s your office building, commercial vehicles, or equipment, losing these assets would be a potentially critical setback for your business.
Replaces lost or damaged property.
A commercial property insurance policy may help protect against the cost of replacing lost or damaged property. Additionally, insurance may cover any associated losses—such as lost income—that are caused because part or all of your business is temporarily unable to operate.
About Business Income Coverage
Business income coverage has never been a bigger topic of conversation than it was last year when organizations were forced to close due to COVID-19. Business Income coverage should be a part of your property policy and is designed to cover loss of income due to a slowdown or temporary suspension of normal operations from damage to your property. The cause of loss needs to be included in your policy and generally, there needs to be physical damage to real, covered property.
Prevention Steps to Rising Costs for Business Income Coverage
The details of the policy are so important to understand when determining what is covered and how to best apply it to your specific situation. Business income can also be provided on other emerging lines of coverage like cyber and privacy liability coverage. Be prepared by having the exploratory conversations with a specialist about what could happen to your business and identify ways to protect it.
Policies can cover additional, unexpected costs.
It’s worth exploring the options available to you with a business property insurance policy, as they may cover risks you hadn’t thought of. For example, some policies protect against the additional costs you face if rebuilding a damaged business facility means no longer being exempt from local building codes. Other points to check include whether a policy covers the cost of removing debris before reconstruction begins, as well as whether the business property is covered against weather event damage while being rebuilt.
Next Steps
Here at Rue Insurance, our licensed agents are available to speak with you one-on-one, to develop a customized insurance plan that fits your unique needs. Contact us today and learn more about how to Be Ready with Rue at or on our website here.
Does Rue Insurance have an expertise in commercial property insurance?
How does Rue Insurance approach commercial property insurance?
Our approach focuses on helping businesses manage risks created by inflation, tightening markets, and operational change. We review property values, exposure shifts, contracts, and loss trends to help ensure coverage reflects how your business operates today.
Learn more: 6 Trends Affecting Commercial Property Insurance
https://www.rueinsurance.com/blog/6-trends-affecting-commercial-property-insurance/
Why are many New Jersey, Pennsylvania, and New York businesses underinsured?
Rising construction costs, labor shortages, and supply chain disruptions have increased property replacement costs. Many organizations are unintentionally underinsured because property valuations and limits have not kept pace with inflation. If your organization has not had an advisor review your insurance policy limits recently, there is a high likelihood that you will not receive the funds needed to return your business to normal following a major claim. Working with an experienced advisor like Rue can help keep your business up to date with the latest changes in insurance coverage and replacement cost values.
Learn more: Commercial Property Insurance Insurance to Value Explained https://www.rueinsurance.com/blog/commercial-property-insurance-insurance-to-value-itv-explained/
Commercial Property Insurance FAQ
What is the difference between commercial property insurance and a business owner's policy?
Commercial property insurance is a standalone policy that protects your business’s physical assets, while a business owner’s policy, or BOP, typically bundles commercial property coverage together with general liability insurance into one convenient policy. A BOP may be a good fit if you’re looking to protect both your property and your liability under one policy, while a standalone commercial property policy may be better suited for businesses with more complex property needs.
What is the difference between replacement cost and actual cash value coverage?
Replacement cost coverage pays to replace damaged property with new property of a similar kind and quality, without factoring in depreciation. Actual cash value coverage pays the depreciated value of the property at the time of the loss, which may be significantly less than what it costs to replace. The right choice depends on your business’s situation, so it’s worth reviewing your options with a licensed agent.
Does commercial property insurance cover lost income?
Commercial property policies may include business interruption coverage, which can help replace lost income when part or all of your business is temporarily unable to operate due to a covered loss. Waiting periods and how income loss is calculated vary, so it’s worth reviewing the specifics with your agent.
Does commercial property insurance cover flood damage?
A standard commercial property insurance policy does not cover flood damage and must be purchased as a separate policy through the National Flood Insurance Program (NFIP) or a private insurer. Speak with your agent to determine whether you need flood coverage to ensure your property is properly protected.
Let’s Get Started
Commercial Property Insurance Information Request
Don’t like forms? Contact us at or .
