Property and Inland Marine

Your business assets are vital to your success. Make sure they’re protected.

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Protect What’s Important to Your Business

Commercial Property Insurance can protect not only your buildings, but also your inventory, equipment and other physical property that keeps your business running. You’ll be protected against fire, explosions, burst pipes, storms, theft and vandalism. Earthquakes and floods typically aren’t covered by Commercial Property Insurance, unless those perils are added to the policy.

Inland Marine Insurance can protect your assets that are transported, like equipment that is used off-site or inventory that must be shipped to other locations.

Do I need Commercial Property Insurance?

If you own or lease physical property, equipment, tools, computers, servers or inventory, and the loss of those tangible assets would be harmful to your business, then yes, you absolutely need Commercial Property Insurance. In fact, most commercial property owners will require you to have Commercial Property Insurance before signing a lease.

Do I need Inland Marine Insurance?

Your assets are especially vulnerable when they are in transit and out of your direct control. If you have equipment, inventory or other assets that leave your physical location, you need Inland Marine insurance to protect your business.

What Types of Buildings Can be Covered?

  • Condominiums and Cooperatives
  • Office Buildings
  • Apartment Buildings
  • Retail Centers
  • Hotels and Motels
  • Hospitals and Medical Centers
  • Manufacturing Facilities
  • And most other types of commercial buildings

How Much Will My Coverage Cost?

The cost you’ll pay for your Commercial Property Insurance depends largely on the value of your business assets, including your building. Other factors that determine your premium are based on your level of risk, including:

  • Location. Is the area prone to storms and other natural disasters?
  • Construction. Is your building constructed with fireproof materials? Does it have new or upgraded electrical wiring, plumbing and HVAC?
  • Occupancy. What is your industry? A realtor’s office generally carries less risk than a restaurant or repair shop.
  • Fire and theft protection. How far is the nearest fire hydrant and fire station? Does your business have a fire alarm and/or sprinkler system? How about a security system?

The best way to figure out how much your coverage will cost is to speak to one of our insurance professionals . They can ask you some questions and get a quote tailored to your specific business.

How is the Value of My Business Property Determined?

There are two different ways that Commercial Property Insurance can pay for your losses: Replacement Cost (RC) or Actual Cash Value (ACV).

Under the RC model, the insurance pays out the amount needed to repair, replace or rebuild your property or assets, with comparable materials and quality without deducting any amount for depreciation.

Under the ACV model, the insurance covers the cost to replace your property with a similar style and quality, less depreciation.

Typically, policies using the ACV model are lower cost because a lower limit is used due to depreciation. But it’s important to remember that the ACV might not be enough to completely replace your property or assets with brand new ones.

One of our insurance professionals will work with you to make sure you have your property adequately insured.

How Can I Get Commercial Property or Inland Marine Insurance?

Simply fill out our online application and one of our experienced insurance professionals will be in touch with you within one business day to help design a Commercial Property or Inland Marine Insurance policy that is specific to your business and your needs.

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