Commercial Property Insurance provides compensation for losses or damage due to a catastrophic event (such as a fire) and includes:

• Buildings
• Leased or owned equipment
• Other property on the premises (items such as furniture, inventory, computers etc. can be covered on this policy)

Commercial Property coverage is offered as either:

• Replacement Cost: pays the cost to replace or repair the damaged property with materials of like kind and quality without any deduction for depreciation.
• Actual Cash Value: pays the cost to repair or replace the damaged property minus depreciation.

Commercial Auto policies cover the cost of an auto accident if a business owner or employee is at fault. It will pay for damaged property and medical expenses. This coverage is needed if:

• A business owns, leases, or rents vehicles.
• Employees drive their own vehicles to conduct business.
• Any employees operate leased, rented, or owned company vehicles.

Flood
Most commercial property policies do not cover damage caused by a flood. Typically, a flood policy must be purchased separately. Even if you believe your business is not located in a high-risk flood zone, it is important to thoroughly evaluate your business’ level of flood risk.