Commercial Property Insurance
Serving the unique needs of businesses from Coast to Coast
One of the most common types of business insurance is commercial property insurance which provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.
A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent agent, Coastal Oak Insurance Services can help you determine the type of insurance policy and range of coverage that is best for your business.
What you need to know about commercial property insurance?
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give Coastal Oak Insurance Services a call today at 949-519-3738, and we’ll help you determine if you have enough commercial property insurance for your business.
Business Personal Property
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This insurance coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. Coastal Oak Insurance Services strongly recommends that all businesses acquire this coverage.
Most commercial property policies exclude earthquake as a covered cause of loss. A seperate policy must be purchased in order to ensure your business will have coverage. To learn more, visit our earthquake page.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask Coastal Oak Insurance Services to review your coverage, and we’ll help you find the best solution. To learn more, visit our flood page.
Electronic Data Processing (EDP)
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.