Although commercial property insurance can be a stand-alone policy, many corporations find it convenient to incorporate commercial property insurance into a Business Owner’s Package, or BOP for short. A BOP is a general insurance policy that combines a variety of property protection and liability risk into one larger bundle. Bundling policies in this way can be a more cost-effective way to obtain total protection for your small- to medium-sized business.
What Does Commercial Property Protection Cover?
Commercial property protection is not a one-size-fits-all type of policy, but will be individually tailored to the unique needs of your business. So any list of items covered by commercial property insurance can only provide a general guide to what may be covered by your policy, but should not be considered comprehensive. Instead, we encourage you to speak to one of our commercial insurance experts at Sungate Insurance Agency to understand how we can best address your specific requirements.
Some items that may be covered by a commercial property insurance policy include:
- Your building
- Buildings you lease or rent to others
- All other structures located on property owned by your business
- Business personal property (Contents insurance): furnishings, fixtures, and some inventory owned by your business. May also cover property owned by employees of your business.
- Business income: to help compensate for lost revenue due to business interruption caused by damage to or loss of your business’ property
- Loss of rental income
In order to determine the type of required coverage, as well as appropriate limits on coverage, an assessment must be performed and your property rated to determine risk and coverage. This will usually include a comprehensive property inspection, applications, submissions to markets, and a review of the buildings’ history. Our commercial insurance experts can walk you through the entire process to ensure that you get the right coverage, at the right price.
What Does Commercial Property Protection NOT Cover?
It is important to note that commercial property insurance is not a comprehensive insurance plan, and excludes some critical commercial items that usually must be insured under a separate type of policy. Some important exclusions include:
- Commercial vehicles
- Movable property such as tools and equipment, computers, etc
- General liability
- Flood & earthquake damage
Contact Sungate Insurance Agency and speak with one of our insurance experts to develop a Commercial Property Insurance Policy that fits the unique needs of your business!
SunGate Insurance Agency Coverage
Home Insurance, Auto Insurance, Group Insurance, Property Insurance, RV Insurance, Renters Insurance, Event Insurance, Insurance Bonds, Life Insurance, Business Insurance, Workers Comp, Flood Insurance, Umbrella Insurance and more!
Located in Lake Mary, Florida (serving clients Nationwide and locally in Orlando, Heathrow, Longwood and surrounding Central Florida areas.