What Does Commercial Property Insurance Cover?

Many people think of office property as little more than cubicles, a few pieces of mass produced artwork and a Ficus plant. However, when you add up the value of the building, desks and other furniture, computer equipment, inventory, raw materials, specialty equipment and everything else owned by your business, the overall price tag is likely much higher than you would’ve guessed. And chances are that most of those assets are necessary for daily business operations.

Given that the loss or destruction of these assets could rock the financial stability of a business, commercial property insurance is designed to protect property owned by the insured business. Most insurance carriers will offer two main types of coverage.

An all-risk policy covers a variety of damaging events, such as severe weather, fires and theft. While these policies list many different covered events, it’s important to note that earthquake and flood coverage is often excluded and must be purchased separately if desired.

A peril-specific policy only covers damages caused by events that are specifically listed on your policy. For instance, you can purchase flood coverage if your business is located near a shore or you can purchase extra fire coverage if your business is located in a very dry area.

Discuss your coverage needs with your independent insurance agent, who will help assess your business’ property in order to determine how much coverage is necessary. Certain equipment and custom-built items may need additional coverage in the form of a policy rider, which is something your agent can assist you with.

Get the coverage you need. Call Pan American Insurance at (915) 562-0009 for more information on El Paso business insurance.