
Commercial Property Insurance Over $5 Million
Commercial Property Insurance can help protect the business property you own, rent or lease, including assets like your equipment, furniture, fixtures, buildings and inventory. It can also help cover the costs to repair or replace stolen, destroyed or damaged property, including equipment and property that isn't yours but is in your custody and care.
Commercial property insurance helps protect your company’s physical assets from fire, explosions, burst pipes, storms, theft and vandalism. Floods aren’t covered by commercial property insurance; those perils are an additional policy.
How much does commercial property insurance cost?
Determining how much you’ll pay for commercial property insurance largely depends on the value of all of your business assets, including your building. Other factors that determine your premium are based on risk, including:
- Location. Is the area prone to storms and other natural disasters?
- Construction. Is your building constructed with fireproof materials? Does it have new or upgraded electrical wiring, plumbing and HVAC?
- Occupancy. What is your industry? A realtor’s office generally carries less risk than a restaurant or repair shop.
- Fire and theft protection. How far is the nearest fire hydrant and fire station? Does your business have a fire alarm and/or sprinkler system? How about a security system?
Determining the value of your business property
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.
What does commercial property insurance cover?
Commercial property insurance covers your building, everything in it and just outside of it, including:
- Computers
- Furniture and equipment
- Exterior signs
- Fence and landscaping
- Important documents
- Inventory
- Others’ property
Do you need to have access to your account 24/7?
For your convenience we now offer CSR24 – CSR24 is a 24/7 Online Access to Your Account.
CSR24 offers you secure access to your insurance information online 24/7 from a computer or mobile device. These services are available to you at no additional cost.
This new program provides you a variety of added services, including:
- View and reprint automobile ID cards
- View critical policy information
- Request policy changes online
- Access your agent’s direct contact information
- Review and download account documents
- Obtain a certificate of insurance (commercial accounts only)
- Maintain and manage an up-to-date list of certificate holders (commercial accounts only)
- Report claims online with the option to upload pictures and related claims documentation
- Receive documented confirmation of all activity conducted online
Access the information and service you need, when you need it, no matter where you are.
Sign-up for CSR24 online now.