A fire, a windstorm or vandalism can close your doors. Commercial property insurance pays to repair or replace your building, equipment and stock after a covered loss, and you are not left to sort out the claim alone.
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An illustrated building. No people.
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Your standard policy does not cover flood, whether you are the landlord or the tenant.
Ask AboutFlood
Coverage depends on the policy terms.
A new flood policy usually takes 30 days to start. The main exception is when it is bought with a new or refinanced mortgage. Do not wait for a storm forecast.
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In a special flood hazard area, a federally regulated lender requires flood insurance.
Commercial property insurance protects the physical things your business owns and uses, from causes such as fire, smoke, wind and hail, and vandalism.
What a policy covers comes down to its wording, including what it excludes and the conditions it sets.
Property insurance is built for sudden, accidental damage. These are left out of a standard policy, or need cover of their own.
There is no single price. The premium follows your building, how broad the cover is and your record, and these are the factors an insurer weighs:
To start a quote, tell us what you own and where it sits.
Your building, your stock and your equipment are what this policy protects. These are some of the businesses that carry it:
In Connecticut
Source: Connecticut Insurance Department.
It protects company property from events including fire, smoke, wind and hail, and vandalism. The policy wording determines what applies to a particular loss.
No. Standard business policies do not cover flood. Flood is a separate policy from the National Flood Insurance Program or a private insurer.
Earthquake is generally not covered. A separate policy is available.
Business income coverage pays the net income you lose and continuing expenses such as payroll, after a direct loss from a covered cause. A business owner’s policy includes it.
Building coverage tops out at $500,000 for non residential buildings, and contents coverage tops out at $500,000 for non residential property. Private flood insurers also sell policies.
Federally regulated lenders may not make, increase, extend or renew a loan on a building in a special flood hazard area unless it carries flood insurance.
That depends on what you own inside the space. The SBA lists it for businesses with a significant amount of property and physical assets. Put what you own inside the space beside the insurance requirements in your lease, and ask which coverage fits.
Tell us what you own, where it sits and the date you need coverage to start, and send the policy you have now if there is one. The full range of business coverage is on the Business Insurance page.