Commercial Property Insurance
Protecting your investment…
Commercial Property Insurance from Mars Insurance Agency
Business owners have insurance that covers the liability risks they face as a result of providing a service or product. They carry insurance that protects their employees from injury at work, as well as coverage for many other risks. Commercial property insurance covers the actual physical property that allows you to conduct business.
Often purchased as part of a Business Owners Policy (BOP), Commercial Property Insurance covers the freestanding commercial building you own, your office furniture, office machinery and much more. In the event of a fire, theft, weather-related loss or long-term power outage, your Commercial Property insurance will help replace the items lost as result. From standard furnishings to inventory, Commercial Property Insurance provides the coverage necessary to keep your business in the black.
We keep your business running
When a catastrophic loss temporarily halts your standard business practices, it can be costly. When it closes your business for a long period of time…or indefinitely…it becomes a catastrophe. Loss of income coverage can provide assistance with the expenses when your business is closed due to a covered loss. Not only does this benefit prevent the temporary loss of income from permanently harming your business, but it also helps you retain your workforce, which is often a serious concern during a lengthy closure.
In addition to the protection that’s already mentioned, your Commercial Property Insurance policy also provides coverage for many outdoor business assets, such as signage, fence and landscaping. It can also include coverage for out buildings. Commercial Property Insurance may also cover other’s property in your care, custody or control. When your Mars Insurance agent tailors a Commercial Insurance Policy for your business, you can rest assured you have solid protection in place.
Coverage for more than obvious risks
While Commercial Property Insurance policies may vary, they are generally classified based on two things:
- The type of event that causes the loss
- Specific property that is insured
Basic commercial property insurance policies commonly cover losses due to fire, explosions, theft, damage caused by vehicles or aircraft and acts of vandalism. Additional coverage may be added for earthquakes and glass breakage.
Losses are paid for settled and paid based on the type of policy purchased: either Replacement Cost or Actual Cash Value.
Replacement cost is, simply defined, the actual cost of repairing, replacing or reconstructing property at the same location, using like materials and quality with no consideration for depreciation.
Actual Cash Value is the cost to replace property with similar style and quality less depreciation. Premiums for an actual cash value-based policy are lower due to the lower limits as a result of depreciation.
Your Mars Insurance Agent will help you determine the right commercial property insurance policy for you.