Comprehensive coverage for your business
No business owner can prevent the unexpected, like severe weather, but they can ensure their business’ belongings and property are covered and protected with insurance. Commercial property insurance is essential when it comes to owning and operating a business because when the unthinkable happens, business owners can rest assured.
With more than 110 years of insurance experience, EMC Insurance knows how to protect businesses. As a leader in commercial property insurance, EMC provides many types of business property insurance coverage, including insurance for your building, business personal property (BPP) insurance and personal property of others insurance. With our expertise and comprehensive coverages at competitive rates, you can
What businesses need to know about commercial property insurance questions
Find answers to common business property insurance questions so you can make informed choices on the types of commercial property insurance that will best protect your business and property.
What is commercial property insurance?
Commercial property insurance is a type of business insurance that provides coverage for repairs and replaces damaged, stolen or lost property due to incidents such as a fire, theft and more. This type of insurance covers the building, all contents inside and exterior fixtures such as fences or signage.
Here are a few scenarios where your business property insurance would cover your business:
- A fire damages or destroys office furniture and equipment inside the building
- A business falls victim to theft and property is stolen
- Signage outside of the building has been vandalized and needs to be replaced
Flooding and earthquakes are usually not covered under business property insurance, so if your business is at risk of these types of natural disasters, talk with an agent about adding additional coverage to your business property insurance policy.
Who needs commercial property insurance?
Businesses who own or rent property, such as a building or equipment, should obtain commercial property insurance coverage to ensure the building and its contents are covered.
This type of coverage is especially important for small business owners who may not have the funds to replace damaged or stolen property.
What does a commercial property insurance policy cover?
Commercial property insurance policies cover your physical building and the property inside such as equipment, supplies, inventory, furniture, electronics and more. Business property insurance also covers outdoor property such as signage or fencing.
How much is commercial property insurance for a small business?
The cost of commercial property insurance depends on several factors including:
- Construction: How and when the building was built and its condition. Features like fire-retardant materials and upgraded HVAC systems may lower rates.
- Occupancy: Who occupies the building during office hours influences the rates. Companies with many customers or employees may pay more for commercial property insurance due to the higher risk.
- Risk: EMC will review the overall risk for the business and building before determining the cost of insurance.
- Exposure: EMC will look at where the business is located to determine if there are issues. For instance, if the business is located in an area with above average crime, rates may be higher
- Loss Control Measures: Things like alarms, sprinkler systems and other loss prevention measures may reduce the cost of commercial property insurance.
What are the types of commercial property insurance?
There are three main types of commercial property insurance:
- Business personal property insurance
- Personal property of others
- Inland marine insurance
Depending on the type of business, owners may need one or multiple types of business property insurance; if you are unsure of what specific types insurance your business needs, reach out to an EMC agent.
Business personal property (BPP) insurance
Business personal property insurance is the most common type of personal property coverage. EMC understands that every business relies on equipment, computers, tools and more to get the job done. However, during and even after hours of operation, this tangible property is subject to getting lost, stolen or damaged. That’s where BPP insurance comes in.
What is business personal property (BPP) insurance?
BPP insurance covers transportable property owned by your business for day-to-day operations like equipment, supplies and more. A common misconception about business personal property insurance is that business property is covered under homeowner’s insurance. This is not the case. Especially if you operate a small business from a home office or work from home, a home policy does not cover office equipment, IT gear, or files associated with business operations.
Commercial business personal property insurance includes all property used for business operations, labor, materials or services furnished including, but not limited to:
- Furniture: couches, desks, office chairs, boardroom tables
- Fixtures: pictures, shelves, curtains, paintings
- Electronics: printer, computers, servers
- Tools: power tools, vacuums, cleaning supplies, lawnmowers
- Stock: office supplies, business inventory
This type of business coverage also includes leased personal property that an owner has a contractual responsibility to insure.
Personal property of others insurance
Personal property of others coverage provides protection for businesses who ordinarily hold property for another party, such as dry cleaners or processing firms. This type of coverage is for property that belongs to someone else but is in the custody of a business for a period of time.
A business is not required to insure property of others, so this type of coverage is in addition to basic business personal property insurance.
What is covered by personal property of others insurance?
Personal property of others insurance protects the business if the personal property of others is damaged or destroyed while in the business’s possession. This includes property that belongs to someone else but isn't subject to a lease and property you lease under a contract that doesn't obligate you to insure the item.
Inland marine insurance coverage
Businesses that use land or air transportation to ship or transport goods should consider adding inland marine insurance coverage to their business property insurance. Inland marine insurance policies are often referred to as floaters because the property covered moves from one location to another.
What does inland marine insurance cover?
If products, materials or equipment are damaged or destroyed while in transit, the inland marine policy protects the business from financial loss. This insurance coverage is meant to safeguard business property that is mobile or used for transportation and communication purposes.
Inland marine policies cover damage caused by:
- Fire
- Storm damage such as hail or wind damage
- Water damage
- Theft
- And more
Commercial output program for multi-locations
EMC’s Commercial Output Program (COP) is for medium and large-size commercial businesses that manage multiple locations and have a need for inland marine coverage.
Tailored to each business’ unique operations, the COP provides broader eligibility and extended commercial property insurance coverage for manufacturing, institutional, industrial and retail/mercantile operations.
By using a flexible rating approach designed for the size of business, EMC offers quality coverage at competitive rates. EMC ensures your business is equipped with the right commercial property insurance to protect you when the unthinkable happens.
From insurance for your building, business personal property (BPP) insurance to personal property of others insurance and inland marine coverage, our agents are prepared to help you find the best solution.
