California Commercial Property Insurance
California Business or Commercial Property Insurance, a specialty of 1st Community Insurance, is designed to protect your business’ physical assets such as buildings, equipment, inventory, and more against such causes of loss as fire, wind, smoke, theft, vandalism, and more.
More often than not, California property insurance is one of the most common areas of business insurance that many business owners seem to neglect. For most businesses, their commercial property insurance needs to be updated at least annually. Over time, your property insurance needs change. You may make changes to your building, buy new equipment, or increase your inventory.
Here are the most common protection under California business property insurance policies requested by our clients:
If you own a commercial building, replacement cost coverage is needed. Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of the building.
Most commercial property policies and homeowners insurance policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from damage due to a flood.
Business Personal Property Insurance
This provides you coverage for your business personal property at a specified location and covers furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off site to various locations, it is important that you have an inland marine policy (equipment or installation floater) to cover this property.
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered event, such as a fire. Business income insurance also may cover financial losses that may occur if civil authorities limit access to an area after a disaster and their actions prevent customers from reaching the business premises. Depending on the policy, civil authorities’ coverage may start after a waiting period and last for two or more weeks. It is strongly recommended that all businesses acquire this coverage.
Electronic Data Processing (EDP)
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Commercial property insurance policies are more detail-oriented than other types of business insurance. Whether you need coverage for a single dwelling, business personal property or other commercial property liability insurance, 1st Community Insurance can assist with any of your insurance needs. Insurance for commercial property needs varies among property owners.
Please contact our 1st Community commercial specialists to determine the type of coverage you need.