Commercial Property
Insurance
Keep Your Business Safe and Secure with Reliable Commercial Property Insurance
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 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 provides coverage for a variety of 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 the cost of repairing or replacing the damaged property, helping to minimize the financial impact and facilitate the restoration of normal business operations.
Key Features of Commercial Property Insurance Coverage
- Building and Contents Coverage
- Business Interruption Coverage
- Specialized Coverage Options
- Replacement Cost Coverage
- Outdoor Signage Coverage
Considerations
When Choosing Commercial Property Insurance Coverage
What assets need protection?
How much coverage is appropriate for your business?
What is your budget for premiums?
Do you need additional coverage options?
How does commercial property insurance support your business continuity?
Premium Basis
Property Type and Value
Location of the Property
Claims History
Business Industry
Level of Coverage and Deductibles
Property Maintenance
Choosing the right property insurance ensures your business can continue operating smoothly even when unexpected events occur.
Get Comprehensive Commercial Property Insurance Coverage
Businesses of all sizes and across various industries can benefit from commercial property insurance. Whether you own a small retail store, a manufacturing facility, an office building, or a commercial rental property, having 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.
Common Exclusions Found In Commercial Property Insurance Policies
It’s essential for businesses to carefully review their commercial property insurance policies and understand the exclusions to ensure they have appropriate coverage for their specific risks and exposures. Working with an experienced insurance agent or broker can help businesses identify potential gaps in coverage and explore additional insurance options to mitigate risks effectively.
Flood and Earthquake
Standard commercial property insurance policies typically exclude coverage for damage caused by floods and earthquakes. Businesses located in flood-prone or earthquake-prone areas may need to purchase separate flood insurance or earthquake insurance to protect against these specific perils.
Acts of War and Terrorism
Damage caused by acts of war, terrorism, or civil unrest is often excluded from commercial property insurance policies. Businesses may have the option to purchase separate terrorism insurance to cover losses resulting from terrorist acts.
Wear and Tear
Normal wear and tear, deterioration, and gradual deterioration of property over time are generally not covered by commercial property insurance. Insurance policies typically cover sudden and accidental damage rather than damage that occurs gradually over time due to age or usage.
Contractual Liability
Liability assumed under a contract or agreement is typically excluded from commercial property insurance policies. Businesses may need to review their contracts and consider obtaining contractual liability insurance to cover liabilities arising from contractual obligations.
Pollution
Damage caused by pollution, contamination, or environmental hazards is typically excluded from commercial property insurance policies. Businesses that handle hazardous materials or operate in industries with environmental risks may need to obtain specialized pollution liability insurance.
Employee Dishonesty
Losses resulting from dishonest or fraudulent acts committed by employees are generally excluded from coverage under commercial property insurance. Businesses may need to purchase separate employee dishonesty or fidelity insurance to protect against employee theft or embezzlement.
Business Interruption Insurance
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 period of interruption, enabling your business to weather the financial impact of the closure.
Equipment Breakdown Coverage
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 Insurance
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 Insurance
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 Insurance
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 expenses, and credit monitoring services.
Ordinance or Law Coverage
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 Coverage
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 Coverage
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.
Why Commercial Property Insurance Matters
Financial Protection
Property damage or loss can have significant financial implications for businesses, including repair or replacement costs, loss of income, and potential legal liabilities. Business property insurance provides financial protection against these risks, covering the expenses associated with property damage, business interruption, and liability claims. By mitigating financial losses, insurance helps businesses maintain financial stability and protect their bottom line.
Risk Management
Operating a business inherently involves risks, ranging from property damage to liability claims. Commercial property insurance forms a crucial part of a comprehensive risk management strategy, transferring the financial burden of potential losses to the insurance carrier. By protecting against property-related risks, insurance allows businesses to focus on their core activities without being unduly burdened by the threat of financial loss.
Peace of Mind
Running a business entails numerous challenges and uncertainties. Commercial property insurance provides business owners with peace of mind, knowing that their valuable assets are protected against unforeseen events. With insurance coverage in place, businesses can navigate challenges with confidence, knowing that they have a safety net to fall back on in the event of property damage or loss.
Get Competitive Rates with Comprehensive Protection
We leverage our strong relationships with insurers to negotiate competitive rates on your behalf. By partnering with top-rated insurance carriers, we can secure cost-effective coverage options without compromising on quality or reliability.
Our goal is to maximize value for our clients by offering comprehensive coverage at affordable rates, helping you save on insurance costs while ensuring adequate protection for your business assets.
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Frequently Asked Questions (FAQs)
What type of property does commercial property insurance cover?
Commercial property insurance can cover various structures used for business purposes, including office buildings, warehouses, retail stores, restaurants, and more.
What is not covered by commercial property insurance?
Standard policies typically exclude certain events like floods or earthquakes. Additional coverage options can be added for comprehensive protection.
How much does commercial property insurance cost?
The cost of your policy depends on several factors, including the value of your property, location, type of business, and chosen coverage options. A TIS agent can help you estimate your premium.
What if I share a building with other businesses?
If you lease space in a larger building, your landlord likely has property insurance for the building structure. However, you’ll still need your own commercial property insurance policy to cover your business contents and any build-outs specific to your space.
What are some ways to reduce the cost of commercial property insurance?
Risk Mitigation: Implementing security measures like alarms, sprinkler systems, and fire extinguishers can demonstrate a lower risk profile and lead to discounts.
Claims History: Maintaining a clean claims history with no previous claims or a few minor claims can positively impact your rates.
Deductible: Choosing a higher deductible lowers your premium but means you’ll pay more out-of-pocket if you need to file a claim.
Bundling: Bundling your commercial property insurance with other business insurance policies offered by TIS can often lead to significant savings.
How can I ensure my commercial property insurance policy remains up-to-date?
It’s crucial to review your commercial property insurance policy regularly, especially if your business experiences changes.
This could involve changes in:
Property value (increases or renovations)
Inventory value (fluctuations in stock)
Business operations (new services or equipment)
What if I have multiple business locations?
You can obtain a single commercial property policy that covers all your business locations. Be sure to inform your agent about the number and types of locations to ensure adequate coverage for each property.
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
