Property Insurance is one of the two main categories of commercial insurance. Without the appropriate amount of insurance coverage, property losses can easily cause the collapse of the business you’ve worked so hard to build up. Liveoak Agency, Inc. can help you put together an all-risks coverage Commercial Property Insurance Policy to help protect your business and its assets.

What is Commercial Property Insurance?

The function of commercial property insurance is to make available critical financial assistance in the event of a loss, so your business can continue to operate with as little interruption as possible. If you own a building, your property insurance policy will cover the structure itself, as well as the contents of the building – if those contents are owned or leased by the business, e.g., computers, inventory, office equipment.

Types of Commercial Property Insurance

  • All-Risks Coverage - Sometimes called “Open Perils” or “Special Perils,” an All-Risks Policy provides coverage for all events not specifically excluded in the policy.
  • Named-Peril Coverage - This type of policy provides coverage for specific perils as spelled out in the policy. If your business suffers a loss from an event that is not named in the policy, it will not be covered.
  • Replacement Cost Insurance - Ask your Liveoak agent if Replacement Cost Insurance is available in your area. This type of coverage pays out enough to replace your property at today’s prices, regardless of the cost when you bought the items, up to the amount of the policy cap.
  • Business Interruption Insurance - Also called Business Income Insurance, is a type of insurance that will cover loss of income or potential income as a result of disaster-related closing of the business.
  • Business Owners Policy - Generally referred to as a BOP, a Business Owners Policy combines several types of coverages into one policy. These packages are usually more economical, and many business owners find them more convenient as they offer coverage for a number of potential events all in one policy.

Events Not Covered by Commercial Property Insurance

As a rule, earthquake and flood coverage are not covered through a general property insurance policy. Your Liveoak Agency, Inc. agent can help you decide if additional flood and/or earthquake coverage makes financial sense for your specific situation.