COMMERCIAL
PROPERTY INSURANCE COVER
What is Commercial Property Cover ?
As a large business owner, you likely have valuable assets that are vulnerable to damage, such as inventory, machinery, and your business premises.
The costs associated with repairs and replacements can be significant, not to mention the downtime. At our commercial property company, we understand that any disruptions can cause major physical and financial setbacks for businesses.
That's why our expert underwriting and risk management teams are committed to helping businesses assess and reduce their property risks with flexible solutions.
If you need to make a claim, our local claims teams are ready to respond quickly and provide the necessary financial support to keep your business running smoothly.
Why Should I Purchase the cover?
Purchasing a commercial property insurance is a must for any business that owns or leases a physical space. This insurance type acts as a safety net, guarantee that your business can financially survive in case of property damages and related losses. Here are some compelling reasons to consider this investment.
Cover for Your Property
This policy will protect you from being fully responsible for replacing any damaged or lost property or equipment.
Property-Specific Cover
Some commercial property insurance companies offer specialized plans tailored to your specific property, in addition to general coverage.
Peace of Mind
As a property owner, you have a lot on your plate and mind. Losing everything due to an unexpected accident should not be one of worries.
What Do Most Policies Cover?
When exploring commercial property insurance, you'll discover various rates and plan types. Although coverage options may differ, most policies safeguard against events that could result in property or content damage or loss.
A few examples of these events include:
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On-premise property loss or damage
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Accidental property damage
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Loss or damage to your contents
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Water-related damage (e.g. busted pipes, leaks, damaged water mains)
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Property loss due to theft, attempted theft, vandalism, assault, burglary or an armed hold-up
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Signage damage (including glass)
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Goods damaged while in transit
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Machinery malfunction (including technology, heavy-duty equipment, boilers, etc.)
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Social setbacks, including civil unrest, riots, or labour disturbances
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Physical impact to your property caused by tree limbs, vehicles, watercraft, or compromised buildings on adjacent properties
In addition, most policies will also extend to cover property loss or damage caused by inclement or extreme weather conditions, which include:
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Fire
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Earthquake
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Explosions
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Lightning
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Wind, water and rain
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Snow, sleet, and hail
What are the Common Exclusions?
When it comes to your commercial property insurance policy, it's crucial carefully read and understand the definitions provided. Specifically, you should pay attention to how your business personal property insurance defines "commercial building" and "contents". Typically, these terms encompass all tangible property that you own or control, as well as any property you're responsible for insuring, even if you don't physically possess it.
While there are exceptions, most policies do not cover certain items deemed non-essential to the ongoing operation of your business. These include, but are not limited to, the following entities:
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Stock
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Jewellery
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Artwork
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Money
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Watercraft or aircraft
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Vehicles or trailers licensed for public road transportation
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Livestock
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Architectural structures including bridges and railway tracks
In addition to these physical exclusions, there are also certain events that most commercial property insurance plans won’t cover. These might include:
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Flood (often offered as optional cover)
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Acts of terrorism
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Looting, invasion, war or rebellion
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Intentional damage
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Storm surges
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Sea-initiated damage (e.g. tidal waves) unless the result of a hurricane
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Employee fraud
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Brushfires or cyclones
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Accounting errors
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Operational errors (e.g. faulty workmanship, regulatory non-compliance)
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Damage from insects and rodents (including termite damage)
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Gradual and natural wear and tear
Cost of Cover
Consider premiums' cost when getting insurance. Evaluate your budget and providers to find the best coverage at a price that works.
Range of Cover
Ensure adequate coverage for your business with the right commercial property insurance policy. Review policy details and consult with an insurance professional to determine appropriate coverage levels.
How Can I Find the Best Policy?
If you're in search of the best commercial property insurance policy to safeguard your business, you'll find a plethora of options with a quick online search.
However, it can be challenging to determine which providers are trustworthy and which plan is the most suitable for your needs. ensure you're signing up for appropriate coverage, make sure to review the following features when comparing policies.
Find the Commercial Property Insurance You Need
Our team of highly skilled insurance brokers has been providing assistance to clients similar to yourself for over 5 years, ensuring that they obtain the appropriate coverage. We possess a comprehensive understanding of the legal requirements and documentation necessary to secure the ideal policy, and we would be delighted to offer our expertise to you.
Contact us today to learn more about what we do and let’s walk this journey together, one step at a time.
Get A Quote
We can help protect your assets, whether personal or business. Hippo Insurance are the experts and can give you the peace of mind needed.
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