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Property Insurance

Commercial property insurance differs from commercial building insurance in that commercial property insurance covers the losses associated with damage to a property or business, such as loss of inventory, assets, physical structures, or loss of business and income as a result of the disaster. Building insurance would cover anything damaged during a fire. Property damage would also cover any business or income lost as a result of that fire.

Since property insurance can cover such a wide variety of properties and business, insurance coverage plans vary greatly. The plan selected usually depends on the type of property, type of business, and type of coverage desired. The insurance plans available for commercial property insurance can get expensive with too extensive of a coverage, so most companies choose to elect for coverage for specific small disasters, such as theft or fire, instead of the more all-encompassing coverage plans, that may include coverage for disasters that are unlikely to happen in a certain area.

In general, there are two types of commercial property insurance plans, Named-Peril and All-Risk policies, which fit into the two categories previously described. Name-Peril policies cover the damage the results from previously selected disasters or perils. All-Risk policies are more expensive, but cover the damage that results from any disaster or peril. Certain perils may be removed from the list of coverage, but any other sort of damage is covered under this policy. For example, one type of Named-Peril policy may only cover damages from fire. An All-Risk policy without fire coverage would cover every form of property damage except damage from a fire.

Within the Named-Peril and All-Risk policy types, three types of coverage plans exist. Named-Peril policies include basic and broad forms. Basic forms cover common disasters, such as fire, lightning, wind damage, vehicle damage, and civil commotion. Broad form includes the same as Basic, but adds water damage, collapse, glass breakage, weight of snow, ice, or sleet and sprinkler leakage. Finally, All-Risk policies are usually considered as “Special Form,” and cover damage or loss from any sort of peril except ones that are specifically excluded, such as flood in dry areas, or maybe earthquake in non-active fault areas.

Here at BIA Insurance Agency, we offer a wide variety of commercial property insurance coverage options for you and for your business. One of our experienced and knowledgeable commercial insurance plan representatives will be happy to assist you and to help you determine what type of coverage is best for you. We are happy and eager to answer all of your questions, and to help you find the best, most affordable and extensive property insurance coverage for you and your business, so give us a call today.

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