Commercial property insurance protects business owners from losses due to damage to their business property, including the business' physical space or equipment. For insurance purposes, business property includes the physical building in which the business resides, assuming the business owns the building, as well as the property owned by the business that’s located within the building. This insurance policy helps businesses pay to repair or replace property damaged by a storm, fire, or other event covered by the policy. It also pays for replacement of stolen property. The following types of property may be considered business property:
The following types of property may be considered business property:
There are various different commercial property types that one can obtain a commercial property insurance plan for, so one might need coverage for a Distribution center, Factory, Cafe, Restaurant, Industrial property, Land (Landowners), Gallery, Medical center, Hotel, Garage, Multifamily housing building, Office, Shopping center, Warehouse or Sports facility. Business property insurance policies protect against diverse causes of damage, also known as "perils." They include: