Commercial Property Insurance
Coverage
PROTECT YOUR TANGIBLE ASSETS
From storefronts and warehouses to offices and restaurants, TIS offers comprehensive commercial property insurance to safeguard your business assets and ensure peace of mind. Our team of experts negotiates the best rates from a network of trusted insurers, providing you with the coverage you need at a competitive price.
Commercial property insurance benefits businesses of all sizes and across various industries. Whether you own a small retail store, a manufacturing facility, an office building, or a commercial rental property, adequate insurance coverage is essential to protect your investment and mitigate risks associated with property damage or loss.
As a leading property insurance agency, we can help tailor policies to meet the specific needs of individual businesses, taking into account factors such as the value of the insured property, the types of risks faced, the location of the property, and any regulatory or contractual requirements.
WHAT IS COMMERCIAL PROPERTY INSURANCE?
Commercial property insurance is a type of insurance policy designed to protect businesses against financial losses resulting from damage or destruction to their physical assets. These assets can include buildings, structures, equipment, machinery, inventory, furniture, and other tangible property owned by the business.
Commercial property insurance covers various perils, including fire, theft, vandalism, natural disasters (such as earthquakes, hurricanes, and floods), and other unforeseen events that may cause damage or loss to the insured property. In the event of a covered loss, the insurance policy compensates the business for repairing or replacing the damaged property, helping minimize the financial impact and facilitate the restoration of normal business operations.
CONSIDERATIONS
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Does your business face regulatory or contractual requirements?
Do you lease the property to tenants?
PREMIUM BASIS
Value of Your Property
Property Location
Type of Business / Industry
Construction of the Building
Age of Building
Fire Mitigation (Is the building sprinklered? How close the nearest fire station?)
Will your policy be based on open (broad) or named (specific) perils?
Coverages Selected
Coverage Limits
These are just some of the many factors used to determine the best policy for your unique commercial property insurance needs.
Commerical property Insurance Coverages
NEEDS TO BE UPATED.
[Auto insurance is an insurance coverage that is required by each state. State requirements typically involve liability coverage. However, most insureds elect for liability and physical damage coverages. Add-on options are also available for those who wish for more extensive coverage.]
Building
This component protects the physical structure of the buildings you own or lease. It encompasses damage caused by perils such as fire, explosions, vandalism, theft, and certain weather-related events like storms or hail. Building coverage covers the cost of repairing or rebuilding your business premises, helping you restore operations swiftly after a covered loss.
Business Personal Property
This coverage extends beyond the building itself to your business contents, including furniture, equipment, inventory, and other tangible assets essential to your operations. In the event of damage or loss due to covered perils, this aspect of the policy provides reimbursement for the repair or replacement of your business property, minimizing financial disruptions.
Outdoor Signage
Your business’s outdoor signage is crucial in attracting customers and promoting your brand. Commercial property insurance typically includes coverage for outdoor signs, protecting them from damage or destruction caused by covered perils such as vandalism, storms, or accidents.
Add-On
COVERAGES
Depending on the nature and location of your business, it is important to consider additional coverage options to help protect your property.
Business Interruption
Also known as business income insurance, this coverage helps compensate for lost income and ongoing expenses if your business is forced to temporarily close due to a covered loss, such as property damage.
It can help cover expenses like payroll, rent, and utilities during the interruption period, enabling your business to weather the closure’s financial impact.
Equipment Breakdown
This coverage protects against the costs associated with repairing or replacing essential machinery and equipment that experiences mechanical breakdown or electrical failure.
It can include coverage for items such as HVAC systems, refrigeration equipment, manufacturing machinery, and computer systems, helping to minimize downtime and financial losses due to equipment failures.
Flood
While commercial property insurance typically covers damage from certain water-related perils like burst pipes, it often excludes coverage for flooding caused by natural events like storms, hurricanes, or overflowing rivers.
Businesses located in flood-prone areas may opt to purchase separate flood insurance to protect against this specific risk.
Earthquake
Similar to flood insurance, earthquake insurance provides coverage for damage caused by earthquakes, which is typically excluded from standard commercial property insurance policies.
Businesses operating in earthquake-prone regions should consider this additional coverage to mitigate the financial risks associated with seismic events.
Cyber
In today’s digital age, businesses face increasing risks related to cyber threats such as data breaches, ransomware attacks, and cyber extortion.
Cyber insurance provides coverage for expenses related to data breaches, including forensic investigations, notification costs, legal fees, and credit monitoring services.
Ordinance or Law
This coverage helps cover the costs of complying with building codes and ordinances when repairing or rebuilding a damaged property.
It can include expenses related to upgrades or improvements required by local building codes, ensuring that your property is brought up to current standards following a covered loss.
Tenant Improvements
If you lease commercial space and have made improvements or alterations to the property, tenant improvements coverage can help protect the value of these improvements in the event of damage or loss.
It covers the costs of repairing or replacing improvements like interior fixtures, finishes, and enhancements made by the tenant.
Spoilage
Businesses that rely on perishable goods, such as restaurants, grocery stores, or food manufacturers, may benefit from spoilage coverage.
This coverage reimburses the cost of spoiled or contaminated perishable goods due to covered events such as power outages or equipment failures.
Commercial Property Insurance Matters
Intro…
Risk Management
Asset Protection
Business Continuity
Peace
of Mind
Contractual obligation fullfillment
Financial
Protection
Risk Management
Asset Protection
Businesses invest significant capital in acquiring and maintaining physical assets such as buildings, equipment, inventory, and furnishings. Commercial property insurance safeguards these assets against various perils like fire, theft, vandalism, and natural disasters. Mitigating the financial risks associated with property damage or loss with the right coverage ensures businesses can recover swiftly and continue operations without significant disruptions.
Item #3
Commercial Property Insurance FAQ
What is not covered by commercial property insurance?
- Floods and Earthquakes
- Acts of War and Terrorism
- Wear and Tear
- Nuclear Hazard
- Intentional Acts
- Government Actions
- Pollution
- Contractual Liability
- Employee Dishonesty
What are some ways to reduce the cost of commercial property insurance?
- Mitigating your risk through security measures (alarms, sprinklers, etc.)
- Maintain a clean claims History
- Choosing a higher deductible
- Bundling your coverages together with the same carrier for a discount
What if I share a building with other businesses?
How can I ensure my commercial property insurance policy remains up-to-date?
- Property Value (increases or renovations)
- Inventory Value (fluctuations in stock)
- Business Operations (new services or equipment)
What if I have multiple business locations?
Understanding the ins and outs of insurance is our job. As your agent, we can provide you with more details to the questions above and answer to any other questions you have regarding your commercial property insurance needs.
Get a Quote
- Provide us with some simple contact information.
- A TIS Team Member will reach out to gather additional information needed to provide an innovative, accurate quote.
- Get the coverage you need.
Meet our
Commercial Sales Team
Morgan Thomas
mthomas@TISIns.com
Carson Thomas
cathomas@TISIns.com
Carter Thomas, CMIP
cthomas@TISIns.com
Jared Smith
jsmith@TISIns.com
Jay Werner
jwerner@TISIns.com
Josh Hearl
jhearl@TISIns.com
Kelly Thomas, CMIP
kthomas@TISIns.com
Robert Eldridge III
reldridge@TISIns.com
Spencer Nelson
snelson@TISIns.com
