Commercial Property Insurance
Business owners rely on Commercial Property Insurance to protect their business and their livelihood. Whether a storefront, a warehouse or even a multi-tenant housing complex, your St. Charles insurance agent can help you find a policy designed for your business property.
Even small companies and home-based businesses have valuable goods and intellectual property. An unanticipated issue such as vandalism or fire could sideline your operations without the right business insurance plan in place. And if your company is renting office space, or if your commercial property is mortgaged, a Business Property Insurance policy may also be required by your landlord or lender.
Webb Insurance provides Commercial Property coverage to clients in a variety of diverse industries and locations, including small businesses in the local St. Charles area. Find more information about protecting your company property below.
What is Commercial Property Insurance?
This is a policy designed to help cover your business’s property and personal belongings if they are damaged or destroyed. In many ways, a Business Property Insurance policy offers protection similar to the coverage homeowners receive when they purchase Home Insurance. Under this policy, coverage could be extended to:
- Buildings, offices, warehouses and other structures
- Business equipment and tools
- Business property, such as furniture
- Intellectual property, such as data records and proprietary documents
- Outdoor structures, such as signage or a fence
Commercial Property Insurance is an important policy for business owners who own the physical location of their company, also referred to as Business Property Insurance or Commercial Real Estate Insurance. Small businesses may choose to bundle this protection in a Business Owners Policy or “BOP,” which combines Commercial Property and Commercial General Liability Insurance. If you own a rental property or other tenant housing, this coverage may be referred to as Landlord Insurance.
Commercial Renters Insurance provides protection for tenants who do not own their business property. It is common for landlords to require their tenants to carry some type of Commercial Renters policy as a condition of the lease agreement.
Inland Marine Insurance is a special type of coverage for property that is not stationary and moves from place to place — such as a snow plow or a stump grinder taken by a tree trimming company to multiple client sites each day. An Inland Marine policy is not for vehicles, which would correspond to Commercial Auto Insurance.
Business Property Insurance FAQs
Do I need Commercial Real Estate Insurance if I run my business from home?
Home-based businesses have different coverage needs than a company with a brick and mortar location. It is very important to understand both Homeowner’s and Renters Insurance do not cover business operations or losses — so if your inventory is stolen or your business computer is destroyed after falling down the stairs, you would not be able to recoup any of the expense to replace these items without a dedicated policy for Business Property.
Do I need a commercial policy to rent my property on Airbnb or Vrbo?
Collecting income on your home (or even a spare bedroom) is considered a business operation. Homeowner’s Insurance does not provide coverage for home sharing through services such as Airbnb, Vrbo, FlipKey or Homeaway. You may be able to purchase a separate policy or policy endorsement for Home Sharing.
Talk to your insurance agent before listing your property on a home sharing website. Read more about liability for short-term rental properties.
What is not covered by a Commercial Property policy?
Standard Business Property protection typically does not provide coverage for:
- Normal wear and tear
- Product defects
- Natural disasters
- Employee theft or theft of cash
- Loss of income
- Damage to company vehicles or non-stationary, movable property
It is important to make sure your business insurance covers everything you expect it to. Speak with a Webb Insurance agent to find coverage tailored to your specific needs.
How to Buy Commercial Property Insurance
Business owners wear a lot of different hats: from Manager, Recruiter and Customer Service Representative to Social Media Coordinator. But you do not have to be an insurance expert. The team at Webb Insurance in St. Charles will customize a plan to protect your business property and belongings with Commercial Property Insurance. We are a locally owned independent brokerage and licensed to provide coverage throughout the United States.
Looking for the right policy for your business? Get a free Business Property Insurance quote with no obligation to purchase