Commercial Buildings

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Business & Commercial Insurance Information

Commercial property insurance helps businesses, including farms and ranches, pay to repair or replace buildings and other property damaged or destroyed because of fire, storm, or other things covered by your policy.  It also pays to replace stolen or lost property. Business owners can buy commercial property insurance regardless of whether they own, rent, or lease a building.

If you rent or lease a building, consider tenant coverage that will insure your on-premises property, including machinery, furniture, and merchandise. A building owner’s policy doesn’t usually cover the contents of the building that belong to you. The cost of tenant coverage is usually less than building coverage because the policy only covers contents.

You can buy a single policy to cover a business with more than one location, unless they have different functions and different risk profiles. This could be the case if your business has an administrative office and a separate factory. If your business has operations at multiple locations, ask your agent if you need separate policies.

Types of Commercial Property Policies

There are three types of commercial property policies in Texas. The policies protect against different causes of damage, commonly called “risks.”  These include fires, lightning storms, windstorms, or damage caused by vehicles and civil commotion.

Read your policy carefully. You may need to buy additional coverages or specialized policies -- such as flood, windstorm, or crime coverage -- to fully protect your business.

  • Basic form policies usually cover common risks.
  • Broad form policies usually cover the common risks in addition to water damage, structural collapse, sprinkler leakage, and damage caused by ice, sleet, or weight of snow.
  • Special form policies cover all types of risks except those the policy specifically excludes. Common exclusions include damages from flood, earth movement, war, terrorism, nuclear disaster, wear and tear, and insects and vermin.

         Source;http://www.tdi.texas.gov/pubs/consumer/cb021.html

CMG Insurance Group
3626 N Hall St STE 408
Dallas Texas 75219
214-252-9694
 cmginsurancegroup.com

"Making Insurance make sense"

 

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3626 N Hall St. Suite 408 | Dallas, TX 75219 | 214-252-9694