Commercial Property Insurance

Protect your company’s physical building and assets with commercial property insurance by DG Smith.
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Commercial Property Insurance Overview

Commercial property insurance is a form of insurance for businesses that helps protect their physical location from numerous perils that they may face. Repairs and replacements can be seriously costly for both small businesses and large. There are two types of commercial property insurance policies. Named perils protects against losses due to perils specifically included in your policy where all risk covers you for any losses that come from perils which are not specifically excluded.

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Commercial Property

Your typical commercial property insurance policy will include coverage for your physical building, including all your attached and sometimes detached buildings and exterior fixtures, such as any landscaping, outdoors signs, fencing, sheds, equipment and stock, etc. that are deemed integral to the way that your business runs.

Liability Insurance

If your business was sued as a result of a slip and fall on your premises, the injured victim could sue for thousands of dollars. In an event like this, your liability insurance can step in to help you cover any and all legal expenses, including settlement fees, medical expenses, and more.

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Real estate agent and businesswoman customer, Image taken at average residential area with multiple ownership block of flats type of buildings.


Equipment Breakdown:

If your company uses equipment that is damaged or destroyed in an insured loss, your equipment breakdown coverage may help cover repairs and replacements.

Business Interruption:

If you are forced to close due to an insured peril, this coverage can help pay any ongoing expenses until your business can resume operations.

Sewer-backup and Flood:

This endorsement provides coverage for water damage to your business property due to sump pump or pipe rupture, sewer-backup or flood.

Common Endorsements

Because businesses look very different from one another, their commercial insurance should be designed to cover their unique situation. If your commercial insurance is not enough to cover you from the risks you face on a daily basis, consider purchasing add-on insurance to supplement your existing policy. Common endorsements include sewer back-up and flood coverage, commercial drone insurance, and crime insurance. A D.G. Smith account manager can break these down for you and discuss any endorsements you may want to consider.

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Your commercial insurance rates vary depending on the size of your business, annual revenue, operations, physical location, and so much more. The more likely you are to be exposed to a claim, the higher your rates may be. If cost is a concern, there are ways to reduce costs – like raising your deductible.

Not typically, but you can purchase flood damage coverage to protect your business’ physical location against overland water damage. Depending on your location and the type of policy, you may be eligible for this endorsement.

Commercial auto insurance is a separate policy you will need to purchase if you have a fleet, company vehicles, or trucks that transport goods/clients. Your commercial property insurance will not include coverage for these.

If the by-laws or zoning laws in your area require you to make changes after an insured loss and you are required to rebuild in compliance with the new regulations, your by-law endorsement may include coverage for any additional costs incurred to comply with these regulations.

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