Commercial Property InsuranceNEW HAMPSHIRE | (603) 225-6611
As an independent agency, Davis & Towle protects your business while also protecting your bottom line by making sure you aren’t paying for more coverage than you need.
Commercial property insurance can cover anything that you consider to be a "physical asset". Did you buy the item for business purposes? Would loss or damage to that asset result in a financial burden to your company? Then you may want to consider insuring it on a commercial property policy.
The assets that the policy protects is one part of the picture. The other half of determining whether or not something is covered, is the type of event that causes the loss or damage. Together, these factors define when your coverage would be triggered.
Again, every carrier may structure policies and automatic inclusions/exclusions a little bit differently. Unless stated in your policy, and confirmed by your agent, you should not make assumptions about what coverage is or is not included in your policy.
Covers Loss or Damage to...
Business property insurance covers buildings, the contents of a building, equipment, and may also cover loss of income. This could include stock, furniture, computers, records, signs, supplies, and even outdoor property detached from a building.
Covers Loss or Damage as a Result of...
Commercial property coverage is typically triggered by loss or damage due to fire, windstorm, hail, lightening strike, explosion, vandalism, civil commotion or riot, and vehicle/aircraft damage.
Most of these property policies are written using an "all risk" form with standard exclusions that automatically restrict coverage for certain causes of loss. Common exclusions include damage from floods or earthquakes. If sufficient financial protection for your operation requires covering your assets from damage that results from floods or earthquakes, you may need additional coverage.
The standard industry form that serves as the foundation for a commercial property policy (and is then modified using exclusions and enhancements) covers buildings, business personal property, and personal property of others, subject to the policy limits. It includes additional coverage and extensions including:
Pays for the expense to remove debris of Covered Property caused by a covered loss.
Valuable Papers and Records
Allows you to extend the insurance that applies to Business Personal Property to the cost associated with replacing or restoring lost information from lost or damaged valuable papers and records.
Business personal property coverage only applies to property at the locations listed on the policy. This extends limited property coverage to property off premises as long as the property is:
Temporarily at a location you do not own, lease or operate
In storage at a location you lease, or
At any fair, trade show or exhibition
To have coverage for business property items that don't meet the above criteria, or to increase the amount of coverage for off premises items beyond the extension limit, an Inland Marine policy would likely be required.
Extends coverage for a covered loss to your outdoor fences, radio/tv antennas, signs (unless attached to building) , trees, shrubs and plants (unless they are part of "stock").
Non-Owned Detached Trailers
extend the insurance that applies to Your Business Personal Property to apply to loss or damage to trailers that you do not own, provided that: The trailer is used in your business; (b) The trailer is in your care, custody or control at the premises described in the Declarations; and (c) You have a contractual responsibility to pay for loss or dam- age to the trailer
Computers and peripheral devices like printers and monitors qualify as "covered property" under the ISO commercial property policy. These items are "machinery and equipment" so they are considered business personal property.
Electronic data is not included as covered property, but a limited amount of coverage is added on later in the form. This provides coverage for electronic data, information, facts or computer programs stored as or on, created or used on, or transmitted to or from computer software. Coverage pays for the cost to replace or restore electronic data which has been damaged by a covered cause of loss. Should the data be beyond repair, the loss is valued at the cost to replace the device that the electronic data was stored on.
Personal Effects and Property Of Others
Extends business personal property coverage to personal property owned by your officers or your employees, as well as personal property of others that is in your care custody and control. The limit applied to this extension is usually significantly lower than the overall business personal property limit of the policy. This extension does not apply to loss or damage by theft.
Preservation Of Property
Coverage that pays for direct physical loss or damage to property that is being moved or while temporarily stored at another location in order to preserve it from loss or damage by a Covered Cause of Loss. Only loss or damage that occurs to the moved property within the first 30 days of the required move, is covered
Pollutant Clean Up And Removal
Pays for the expense to extract "pollutants" from land or water at the insured premises if the dispersal, release or escape of the "pollutants" is caused by or results from a Covered Cause of Loss.
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