Commercial Property Insurance - Every Small Business Has Property
Serving Golden, Denver, Lakewood, Evergreen, Arvada, Morrison, Littleton, Wheat Ridge and all of Colorado
Commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, theft, vandalism, windstorm and other natural or man-made disasters are examples of what is typically covered.
A basic small business insurance policy or commercial insurance policy will contain at least some coverage for commercial property. In the picture to the right, I can identify 3 different types of commercial property: the building, inventory on the forklift and the forklift itself. Each of these types of commercial property need to be identified and quantified for replacement value and placed onto a small business or commercial insurance policy.
Colorado - What you need to know about Commercial Property Insurance
Do you own a commercial building? If so, do you have enough insurance to replace it if it burns to the ground? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building as labor and material costs can vary greatly from region to region. And material availability and its cost can vary seasonally and fluctuate according to demand. Your commercial insurance broker or agent can also help determine the cost to replace your building
Business Personal Property
Business personal property insurance covers property at a specified location and includes furniture, fixtures, equipment, electronics and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. Make sure you have all locations listed on your policy where business property is stored. If you have equipment that is frequently taken off-site to various locations, you will need an inland marine policy to cover this property.
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster.
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.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered.
As an independent, local insurance agency in Golden, CO Denver West Insurance Broker can help you determine the amount of insurance to protect the property owned by your business. We have licensed agents available to assist.Email us
or give us a call at 303-960-5290