Commercial Property and Inland MarineOne of the most common types of business insurance, commercial property insurance 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, C.K. Ash Insurance 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
Inland Marine CoveragesMost property away from your premises or property of others is typically not covered under the normal Commercial Property coverage; that is why Inland Marine coverage is offered. In many cases businesses look to this coverage for their equipment, materials, cargo, etc. Here are some common coverages that your business may need:
- Equipment Floater – Coverage for equipment while moving from location to location.
- Installation Floater – Coverage for materials being installed at a jobsite and away from your premises.
- Builders Risk – Coverage for property in the course of construction; this coverage is much broader than a Home Under Construction policy or Homeowners policy. For example the Builder Risk gives coverage for materials not installed yet and coverage for Flood losses.
- Transportation/Cargo – This coverage is for property while in transit.
- Scheduled Property – Coverage for items not typically covered under Business Personal Property such as jewelry, fine arts, antiques, etc.
- Accounts Receivable – Coverage for loss of sums owed to the insured by a customer because of damage to accounts receivable records.
- Valuable Papers – Coverage for the cost to reconstruct damaged or destroyed valuable papers or records.