Commercial Property And Commercial Liability Insurance

Commercial Property

Commercial property insurance provides coverage for repairing or replacing buildings, their associated structures, and contents that have been damaged or lost due to various risks. Typically, property policies held by property owners do not include coverage for a tenant's belongings inside the building. If you are leasing or renting a space, it is recommended to obtain your own insurance policy to protect your on-site property such as machinery, furniture, inventory, and improvements. Tenant coverage is usually more cost-effective than building coverage since it focuses solely on contents rather than the structure itself.

There are three main types of property insurance available: basic form, broad form, and special form, each offering coverage for different types of risks and causes of damage. Let's delve into a brief overview of each form below:

Basic form commercial property insurance provides coverage for the following named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.

Broad form commercial property insurance policies provides named perils coverage for the perils insured against in the basic causes of loss form (fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action), plus: falling objects; weight of snow, ice, or sleet; water damage (in the form of leakage from appliances); and collapse from specified causes.

The third is the special form commercial property insurance policy. This type of commercial insurance policy protects business owners from all causes of loss except those that are specifically excluded in the contract.

Pay close attention to which property form that you are purchasing when comparing rates on property insurance. Holden Young Insurance will take the time to analyze your business and your needs in order to customize a plan for you and see to it that you are adequately protected.

Commercial Liability

As a business owner, the question is not whether you can afford to have general liability insurance, but rather can you afford not to, have it? We understand the importance of protecting your business from unforeseen accidents and incidents that could potentially lead to costly lawsuits. We are dedicated to helping you find the perfect insurance policy that fits your needs and budget. Whether you operate a small retail store or a large construction company, having general liability insurance can provide you with peace of mind knowing that your business is covered in the event of any unexpected mishaps. Don't leave your business vulnerable to financial ruin.  

If you are looking for a more comprehensive way to protect your business from damages when the unexpected happens on your property contact Holden Young Insurance.