Commercial property insurance is one of the most important insurance policies for any business, as it is designed to protect the business’ physical assets such as a location, equipment and contents. Knowing how much you should purchase and when you should purchase it is crucial for maximizing your insurance protection. 

In general, you should purchase commercial property insurance as soon as possible—especially if you have a physical location. If you purchase a physical location such as a store, you may be required to carry commercial property insurance by a landlord or a bank from which you took out a loan. As long as you operate on the property, you will need commercial property insurance. 

Do You Need Commercial Property Insurance Without a Physical Location? 

Even if you don’t have a physical location, you should consider commercial property insurance. If you run a business out of your home, for example, your home insurance may not cover your work tools, equipment or materials in case of a disaster. Commercial property insurance can cover the items used specifically for your business in case they are damaged or destroyed. 

Business owners working from a physical location or working from home should also consider bundling commercial property insurance and general liability insurance into a business owners policy (BOP). A BOP combines common and important coverages into a flexible and affordable policy geared for small businesses in low risk industries. Whether you work from home or own a store, your risks of damages or lawsuits are ever present and important to protect against. Make sure you have the right insurance policies for your industry and the size of your business. 

What Does Commercial Property Insurance Cover? 

Commercial property insurance protects against a number of dangers, including: 

• Fire 
• Wind 
• Hail 
• Lightning 
• Smoke 
• Theft 
• Vandalism
• Explosions

These policies may also include business interruption insurance, which can cover your business’ income while the physical property is being repaired after a disaster. 

This insurance may cover the physical location and all of its contents including decorations, furniture, equipment, products and more. Make sure to speak with your insurance agent to ensure that your business’ valuable assets are covered under your commercial property insurance policy. 

It is never too soon to consider protecting the physical assets of your business. Shop around, compare quotes and speak to insurance agents about protecting your business’ property with the right coverage.