Commercial Property coverage provides protection against the loss or loss of use of company property. Property can include buildings, computers, money, valuable papers, or lost income or business interuption.

Commercial property insurance can be either named-peril, which protects against specifically named perils, or open-peril, which is a broader coverage and protects against all perils except those which are specifically excluded by the policy. Losses can be reimbursed by either replacement cost settlement or actual cash value. Actual cash value factors in property depreciation and generally results in a lower settlement at loss time, but coverage costs less than replacement cost.

A commercial property policy is a group of separate policies that are combined to give you the protection you need for your individual business situation. The different types of coverages that can be combined into a commercial policy are property, liability, crime, inland marine, equipment breakdown (also called boiler and machinery), automobile, and cargo.

A business owners policy, or BOP, is a type of package policy that combines both property and liability coverages into a single policy, similar to a homeowners policy. And like a homeowners policy, the BOP can be customized to broaden coverages where you need them. BOP's are well suited to smaller businesses who have fewer than 100 employees and $1-$2 million in gross revenues. The advantage of the BOP is lower premium and less chance of a coverage gap due to the comprehensive coverages included in the policy.

If you would like more information about a commercial or BOP policy for your business, please contact us at 800-627-2241.