What coverages are available through commercial property policies?
Commercial property policies might offer a few different protections, depending upon their terms and a business’s needs. Some of the more common coverages are:
- Building Coverage: May cover primary and/or secondary structures at a business’s location
- Contents Coverage: May cover equipment, inventory and other goods kept at a location
- Tenants Betterment Coverage: May cover improvements that businesses make to leased space
Do businesses that lease commercial space need business property insurance?
Because business property insurance can protect more than just buildings, the coverage is still useful to businesses even if they lease their space. Depending on the terms of a business property policy, it might help protect improvements that businesses make to a leased space. The coverage can also extend to equipment, inventory and other goods, of course.
Do home-based businesses need commercial property coverage?
Whether home-based business owners need commercial property coverage depends both on the terms of their homeowners insurance and the assets their business has.
Home-based businesses that have only nominal assets might not need to worry about commercial property coverage. If a business owner could easily replace their business’s limited assets without incurring significant financial strain, there may be no need to insure such inexpensive goods.
Some homeowners insurance policies provide limited coverage for at-home business assets. If sufficient coverage is available through a homeowners policy, there’s little reason to purchase additional coverage through a commercial policy. Not all homeowners policies offer coverage for at-home businesses, though.
When a home-based business has assets and those assets aren’t fully covered by homeowners insurance, securing commercial property coverage is probably wise.
An insurance agent who specializes in commercial property policies can review a home-based business’s assets and available homeowners protections to see whether a commercial policy is indeed appropriate.
How can Massachusetts businesses get quotes for commercial property insurance?
For help insuring business assets, contact the independent insurance agents at Norwood Insurance Agency. Our agents can show you policy options from several different Massachusetts insurance companies, and we’ll work closely with you to determine which of the available commercial property insurance policies will be most suitable for your business’s assets. With our assistance, you can have confidence that your business’s buildings, improvements, equipment and goods are well protected.