Fundamental Coverages in Most Commercial Property Policies

Building Coverage
Building coverage will pay for all or some of the costs related to replacing your building due to damage by a covered hazard.

Business Personal Property (BPP)
This coverage provides protection for the contents in your building which includes equipment, furniture, supplies and inventory. Most BPP policies extend to off-premises property. For example, a business laptop used by an employee is covered while the employee is traveling.

Business Interruption Coverage
This vital coverage reimburses expenses and lost profits due to a covered hazard. This includes expenses to temporarily relocate your business.

Optional Coverages Available
There are many optional coverages that can be added to your policy to provide additional protection. These include:

• Undamaged Stock Protection – reimbursement for the value of items that cannot be sold due to damage that has resulted to related goods.
• Data Protection – covers data loss through a computer breach or viruses.
  Computer Protection – covers computer damage due to viruses.
• Intangible Coverage – reimbursement for financial loss due to copyright and trademark infringement.
• Off Premise Protection – covers business assets that are in other locations such as trade shows or other remote locations.
  

Underwriting Considerations
When developing the proper rate to charge, the underwriters will take into consideration four major criteria: construction, occupancy, protection and exposure:

• Distance to closest fire department and fire hydrant
• Construction material
• Roof material
• Automated sprinkler system
• Local or monitored fire and burglar alarm system
• Plumbing material
• Fire extinguishers
• Number of exits
• Number of stories
  

It’s important to discuss your needs with a Workers Insurance agent before purchasing Commercial Property insurance so they can help you determine what you need.