Building Insurance Coverage

Whether the issue is big or small, having commercial property insurance is integral to keeping your investment safe.

What Situations Call for Building Coverage?

Here are a few examples of instances where having commercial property insurance would come in handy:

  • Your building catches on fire, and the structure and everything inside are destroyed.
  • Water from a burst pipe damages important documents.
  • Your outdoor sign is damaged by a severe thunderstorm.

Building coverage protects the assets of your business, whether you own the building, lease an office, or work from home.

What’s Covered?

Having commercial property insurance ensures that your business has a promising future. Coverage protects:

  • The physical building
  • The outdoor sign
  • Furniture and equipment
  • Inventory
  • Fencing and landscaping
  • Others’ property

What You Need to Know

A full-coverage building insurance plan is one of the best ways to safeguard your business’s future. It protects the assets within your business along with the building itself, its contents, and outdoor fixtures.

Severe weather has the potential to shut down a business for days or even weeks. Sometimes, this can even lead to permanent closure due to profits lost. But with building coverage on your side, your business can recover quickly.

The Basics

Commercial property insurance varies from policy to policy. Basic coverage typically includes damage caused by fire, lightning, wind, hail, and vandalism. You can also add further coverage to protect against earthquakes and broken glass.

The essential items to include in your building coverage are:

  • The building
  • Office equipment
  • Inventory
  • Outdoor items
Determining The Value

Building coverage pays for the losses accrued based on the replacement cost of the item lost or its actual cash value.

RC (replacement cost) is the amount of money that it would take to replace, repair, or rebuild the damaged item/structure with similar materials and quality (without deducting for depreciation).

ACV (actual cash value) is how much it would cost to replace the item with new property that’s similar in style and quality.

In many cases, policies that cover property insured with ACV have lower premiums because they use a lower limit to account for depreciation. In order to find the best way to protect you and your business, talk to an agent at Chapman Insurance Group today for a quote.

Have a question?
Talk to an expert.

If you have a commercial property, we can help answer your insurance questions. Talk to one of our agents to find a policy that works for you.

Find an agent in your area.

Building coverage insurance policies for businesses in Cape Coral, Fort Myers, Naples, Port Charlotte, Punta Gorda, and Bonita Springs, Florida.

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