Commercial Property Insurance

With Colorado’s job growth hitting record numbers, we want you, your business, and your property to be protected.

Commercial Property Insurance protects the property you rely on to conduct business. If you were to lose your property from a covered event, Commercial Property coverage pays the repairs or replacement costs up to the stated limits on the policy.

So what Is Commercial Property Insurance?

Commercial Property Insurance helps business owners recover when certain disasters strike their business assets and estate. Covered events (perils) might include fire, windstorms, theft, or vandalism. You can use the payout from the policy to repair or replace items such as:

  • Computers
  • Furniture
  • Inventory
  • Equipment

Many Commercial Insurance policies also include Business Interruption Insurance. This policy covers up to twelve months of lost income when certain events force you to put your business operations on hold. For example, if a windstorm destroys your work property, Business Interruption Insurance can pay for the ongoing costs of keeping your business running when it can’t necessarily generate revenue.

What Does Commercial Property Insurance Cover?

  • The physical location of your business is covered. If you also own the space, you can select a policy that covers the building in its entirety (including the space). If you happen to rent your building, you can look into a policy that only covers the contents of the space.
  • Personal Business Property.This coverage provides protection for the furniture, inventory, supplies, and equipment owned by your business. Sometimes personal property is covered even when you or an employee is somewhere other than primary place of business. For example, if you or an employee client takes a company laptop to an offsite meeting and it becomes damaged, Commercial Property Insurance can pay to repair or replace it.

Different Types of Coverage:

Commercial Property Insurance is a major expense for any business owner, especially if they have a lot of equipment. There are options available to keep the costs manageable.

The first option is a Business Owner’s Policy, or BOP. This was created for low-risk, small businesses. A BOP will bundle Commercial Property and General Liability Insurance into one package at a more reduced rate.

There are a couple different options on how to cover your property:

  • Open Perils Coverage.These policies provide coverage for any incident unless it is specifically excluded in the policy. Typically, perils like fire, wind, smoke, theft, and vandalism are covered. This coverage protects small businesses from the majority of risks businesses are most likely to face.
  • Named Perils Coverage.These policies cover only the incidents listed in the policy. You may want to purchase this type of coverage when your business is in a high-risk area for a specific peril, such as a flood or an earthquake. Named perils coverage is usually less expensive because it covers only specific events listed in the policy.

Finally, businesses can choose to insure their business assets at their replacement value or their actual-cash value. Replacement-value coverage might cost more, but it covers the cost of purchasing brand new replacement items. Actual-cash-value coverage means you will only receive a payout equivalent to the depreciated value of the item, which usually is a lot less.

Call us with any questions about Insurance or schedule an appointment. Let LF Insurance help you secure your future with the right Insurance policy. 303.422.2018


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