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COMMERCIAL PROPERTY INSURANCE

Commercial Property Insurance in Rock Hill, Greenville & Throughout the Carolinas

To mitigate the losses of natural disasters, vandalism, and other unexpected disasters, businesses must invest in commercial property insurance. This type of insurance coverage ensures that your business can recover from damages inflicted on its property with a reduced financial burden.
 

CIIG offers various commercial property insurance policies that suit your risk profile and asset value. Here’s what you need to know about our offering and why your business in Rockhill, SC, needs insurance for commercial property. 

What is Commercial Property Insurance?

Commercial property insurance is insurance coverage that helps protect your owned or rented building and your business’s tools and equipment from disasters. Commercial property insurance covers losses from:

Burglary

Theft

Fire

Lightning

Wind

Home-based business owners enjoy more coverage with commercial property insurance than with a homeowners policy. This insurance cover is also known as:
 

  • Business personal property insurance

  • Commercial building insurance

  • Non-residential building insurance

  • Commercial real-estate insurance

 

Retail, manufacturing, not-for-profit, and service-oriented businesses need commercial property insurance. This insurance is often bundled with other policies, such as commercial general liability insurance.

How Commercial Property Insurance Works

Business property insurance covers property your business owns and uses in its operations. Most policies offer coverage for a category of properties instead of specific items. 
 

For instance, a business owners policy, often bundled with commercial property insurance, covers two broad property classes. These are buildings and personal business property. 
 

The property your business owns will be covered only if it meets the policy’s definition of “business personal property” or “buildings.”
 

Most commercial property insurance policies cover property located at your business premises. Therefore, you’ll only find a few covering business properties at offsite locations, such as a job site. You can consult with one of our experts to know the extent of the coverage in our policies.
 

Most policies also include replacement-cost coverage for most, but not all, insured business property. Therefore, if the property is damaged, lost, or stolen, we will pay the cost of replacing or repairing it.
 

Alternatively, if the property is not insured based on its replacement cost, we value it based on the actual cash value.
 

No matter the approach taken by the policy, you’re still well covered against financial losses resulting from damage, theft, or loss of business property.

What Does Commercial Property Insurance Cover?

Commercial property insurance protects your business’s physical assets, such as:

 

  • Building

  • Tools

  • Equipment

  • Furniture

  • Inventory

  • Personal property

 

Our policy also includes business interruption insurance. Therefore, if your business’s operations are interrupted by covered property damage, the policy will help cover the lost income.

The Different Types of Commercial Property Insurance

Commercial property insurance can be broken down into four common categories. They include the following:

This is the most common category of commercial property insurance. It covers the cost of replacing or repairing buildings, equipment, office furnishings, and other property owned by the business that has been physically destroyed or damaged by an insured peril. 
 

You can get direct damage insurance within commercial package policies and business owners policies (BOPs).

Properties You Should Consider for Commercial Property Insurance

CIIG recommends that you consider taking commercial property insurance for the following types of properties:
 

  • The building housing your business, whether owned or rented

  • Accounting records and essential company documents

  • All office equipment, including phone systems, computers, and furniture, owned or leased

  • Inventory kept in stock

  • Manufacturing or processing equipment

  • Satellite dishes and signs

  • Landscaping and fences

 

You can consult with our experts to determine the best policy for your business property, whether it’s included in the list above or not.

Benefits of Business Property Insurance

There are several benefits of having business property insurance. Some of the top ones include the following:

FINANCIAL AID

SENSE OF SECURITY

HELPS IN RECOVERY

Give Your Business Assets the Best Protection

Business property is expensive to acquire. However, it is more expensive to lose and repair or replace it. Take the wise step and contact us for the most comprehensive commercial property insurance coverage that fits your business’s needs.

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