Español Commercial property insurance pays to repair or replace your building and business property damaged by a fire, storm, or other event covered by the policy. It can also pay some of your lost income if your business is unable to operate normally. Learn more by watching:
Starting a business? What you need to know about business insurance There are three different levels of commercial property coverage. Each level protects against different causes of damage or loss.
Replacement cost vs. actual cash value coverageCommercial property policies provide either replacement cost coverage, actual cash value coverage, or a combination of both. To be fully protected, make sure your policy provides replacement cost coverage.
Other coverages you might needFlood insuranceMost commercial property policies don’t cover damage from flooding. To be protected from flooding, you’ll need to buy a separate flood policy. You can buy flood insurance from insurance companies that sell it or from the National Flood Insurance Program. Talk to your insurance agent or visit FloodSmart.gov. There’s a 30-day waiting period after you buy a flood policy before the coverage goes into effect. Learn more: Do you need flood insurance? Windstorm and hail coverage on the Gulf CoastIf your business is on the Texas coast or in Harris County on Galveston Bay, your policy probably doesn’t cover wind and hail damage. The Texas Windstorm Insurance Association (TWIA) sells wind and hail coverage for coastal residents and businesses. You buy TWIA coverage from local insurance agents. Depending on where you live, you might need flood insurance before TWIA will sell you a policy. For more information, visit twia.org or call 800-788-8247. Don’t wait until the last minute to buy wind and hail insurance. TWIA won’t sell you a policy if there’s a hurricane in the Gulf of Mexico. Auto coverageCommercial auto insurance includes liability and property damage protection for cars, trucks and vans that you use for business. It can also cover food trucks, service utility trucks, trailers, and other types of vehicles. Crime coverageYou can buy coverage to protect your business from several types of crime. Common crime coverages include:
Inland marine coverageInland marine coverage covers property kept on land, not on water, despite its name. Inland marine coverage covers:
If your business uses property that isn’t covered by your commercial property policy, ask your agent about inland marine coverage. Additional coveragesMost companies offer coverages that you can add to your policy for an extra cost:
Shopping for commercial property insuranceCoverage and rates vary by company, so it pays to shop around. Use these tips to help you shop:
Learn more: How to shop smart for insurance Saving money on your insuranceUse these tips to help you save money:
Learn more: What to know about deductibles Question? Call us at 800-252-3439. Last updated: 10/6/2022 What is the extra expense coverage form?Extra expense coverage is a form of commercial insurance that pays for a policyholder's additional costs while recovering from a major disruption.
Which of the following is stated in the insuring agreement quizlet?The insuring agreement includes the name of the insured - The Insuring Agreement contains the insurer's promises to the insured. The insured's name is found in the Declarations.
Which of the following forms provide coverage for indirect loss?Which form provides coverage for an indirect loss? The two indirect loss forms to the Commercial Property Coverage Part are the Business Income Coverage Form and the Extra Expense Coverage Form.
Which of the following is covered on a basic cause of loss form quizlet?The Basic Form provides coverage for the following causes of loss (perils): fire, lightning, windstorm or hail, smoke, aircraft or vehicles, riot or civil commotion, vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
|