Your growing business represents you achieving your dreams. But just one theft, one fire, one catastrophe could turn your dream into a nightmare. A commercial property insurance policy can protect you against these risks. At Lapointe Insurance, we’ll find the right policy to cover your assets.
Commercial Property Insurance
Custom Insurance Plans To Meet Your Needs
Commercial property insurance protects some of your biggest investments. It protects your building, store, office or shop. It protects your furniture, equipment, and business inventory. It can also protect your outdoor signs, landscaping, additional structures, fences, and much more.
At Lapointe Insurance, we know commercial property insurance. We’re your neighbors and fellow business owners, so we know the risks you face when insuring property. We’ve spent years working hard to provide protection for the businesses our staff does business with every day. We have a genuine interest in protecting your assets and everything you do to contribute to our local community.
Basic Form Policy
Basic commercial insurance policies only cover simple risks, such as fires and storms.
Broad Form Policies
A broad form policy covers you for simple risks included in a simple policy. As well, it includes coverage for water damage, structural collapse, damage caused by ice, sleet, or snow, sprinkler leaks, and more!
Special Form Policy
The third and most comprehensive type of policy is the special form commercial property policy. These special form policies cover everything except floods, earthquakes, war, terrorism, nuclear disaster, inspects and normal wear and tear.
Broad Coverages for Airtight Protection
Some common commercial property coverages include:
- Building Occupied By The Insured: This insures a building that you regularly use but don’t own. It’s important if you lease of borrow a building.
- Newly Acquired of Constructed Buildings: This provides coverage for new buildings that are added in the middle of a policy term.
- Employees Personal Property: Protects employees’ belongings when they are on your premises.
- Off-Premises Property: To protect equipment, supplies, or other property kept off-site.
- Business Interruption: to pay for lost income while you are recovering from a loss.
- Extra Expense: Covers the costs associated with getting your business back up and running.
- Valuable Papers: This coverage gives some protection for business records or other valuable papers.
- Ordinance or Law: If your building costs more to rebuild now because building codes changed since it was first built, this coverage will pay the extra cost.
- Boiler and Machinery: Covers building systems like A/C, compressors, steam cookers, boilers, electric water heaters, and others.
- Inland Marine: Covers goods in transit by land, air, or inland waterways in addition to unfinished projects and more.
For businesses in Massachusetts, Rhode Island, New Hampshire, and Connecticut, commercial property policies provide replacement cost coverage, actual cash value coverage, or a combination of the two. Replacement cost coverage pays to rebuild or repair your property like-new. It’s not the same as market value and doesn’t include the value of your land. On the other hand, Actual cash value policies pay the price of your property, minus depreciation. If your business is destroyed, actual cash value will likely only pay a portion of what it costs to rebuild.
Get Started With Commercial Property Insurance
At Lapointe insurance we know that each business is different. As an independent insurance agency, we have access to a variety of top-rated insurance carriers to choose from and we will customize your insurance coverage to meet your business’ unique needs. Give us a call, stop by our office, or fill out a form on our website to start the conversation.