Commercial property insurance can protect your business against losses from the physical structure to income replacement.
This coverage could be for a high rise, a standalone building, office space, or the contents of the building along with the rent that comes along with it.
A complete business property insurance plan is one of the smartest investments you can make in your business. It protects the costly, physical assets of your company such as the building, its contents and any outdoor fixtures such as signs and fencing.
Savvy business owners know that a fire or severe windstorm can shut down a business for an extended period of time, often leading to a permanent closure. But with a comprehensive business property insurance plan, you’ve got support and business income coverage to help you recover quickly.
Commercial property insurance plans vary from policy to policy.
Basic property insurance usually covers losses caused by fire, lightning, wind and hail, or acts of vandalism. Additional coverage can be added for earthquakes and breakage of glass.
The essential items to insure in a business property insurance plan include your building, office equipment, inventory and outdoor items on the premises such as fencing, storage sheds, or outdoor signs.
Commercial property insurance plans pay for losses based on the replacement cost of the item or its actual cash value.
Replacement cost (RC) refers to the amount necessary to repair, replace or rebuild property on the same premises, with comparable materials and quality without deducting any amount for depreciation.
Actual cash value (ACV) is the cost to replace it with new property of similar style and quality, less depreciation.
Typically, the premiums for policies covering property insured on an ACV basis are lower because a lower limit is used due to the deduction for depreciation. This amount might not be enough if you elect to insure the property on a RC basis.
Your insurance agent can work with you to make sure you have your property adequately insured.
Having the right commercial property coverage could mean the difference between a minor disruption to operations and a major financial loss. As one of the largest commercial property writers in the United States, you can trust Travelers to have a deep understanding of your everyday challenges, as well as the expertise, resources and strength to help keep your operations running smoothly and your business resilient.
We offer commercial property protection for a wide variety of industries and businesses ranging from small to large to highly complex. We understand the evolving risks our customers face and offer solutions to address them. Our property insurance policies can be tailored to meet customers’ coverage needs by providing:
Business property insurance is coverage that can protect your company’s physical assets from unexpected events, including fires, windstorms, theft and vandalism. Physical assets covered by commercial property coverage could include the business property you own or rent, office equipment, furniture, fixtures, inventory and other items you count on to support your daily operations.
Through built-in loss prevention services, business property insurance can also deliver a competitive advantage by helping you identify and manage property-related risks specific to your company, allowing you to remain focused on your business. Travelers has expertise across many industries, helping companies identify and reduce property risks.
When an unexpected loss causes disruption or even temporarily shuts down your business, your ability to recover quickly is critical. Travelers commercial property insurance can provide the support and financial assistance needed to get your business back up and running.
Commercial property insurance is for all businesses, especially those that have buildings, equipment for operating your business and assets, or access to customers and suppliers.
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