What is commercial property insurance?
Commercial property insurance is a vital type of business insurance that can act as a safety net for your business. Just as homeowners insure their property and belongings, businesses need protection for their buildings, equipment, and contents. This coverage helps ensure your business can continue running smoothly and securely in the face of disasters like fires, storms, or theft.
Why do I need commercial property insurance?
Commercial property insurance is crucial for safeguarding your business assets from unforeseen events. It can help your business recover and get back on track, while also meeting potential requirements that may depend on wheather you own or lease the property. This coverage generally protects your business property, including your building and equipment. Since the future is unpredictable, having this insurance helps ensure you are prepared for unexpected events like fire, hail, or theft.
How much does it cost?
The cost of commercial property insurance varies based on several key factors, including your location, the size of your business, the number of employees, and the risk you face. Find out how much your commercial property insurance policy would cost by getting a free quote!
What does commercial property insurance cover?
At Acuity, protecting your business is a partnership. Acuity’s commercial property insurance focuses on helping to protect your business’s assets including:
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Building
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Furniture
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Fixtures
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Machinery & equipment
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Inventory
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Property belonging to others
What does it protect against?
Below are some examples of how Acuity’s commercial property insurance could help protect your business.
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Fire Damage: Covers damage to a building's structure, computers, furniture, and more if a fire occurs.
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Power Failure and Changes in Temperature: Protects if a refrigeration unit fails, leading to spoilage of perishable inventory.
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Valuable Papers and Records: Covers the loss or damage of important documents, such as medical or legal papers, due to fire, flood, or other disasters.
Acuity’s optional coverages
Along with commercial property coverage, Acuity offers several optional coverages to fill common coverage gaps.
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Business Income coverage protects an insured’s reduction in income after a covered cause of loss to their business property. This coverage may include the protection of continuing and increased expenses while your business is repaired due to a loss.
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Ordinance or Law coverage provides three coverages for losses resulting from the enforcement of building codes after building damage due to a covered loss. These can include demolition of the undamaged portion of a building, debris removal, and increased cost to repair or rebuild to meet current building codes.
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Utility Services coverage protects against a loss caused by a power failure or failure of another utility service, such as communication or water.
What does it not cover?
While commercial property insurance provides broad protection for your primary business location, you may need another Acuity policy for the following.
Commercial Auto provides liability and physical damage coverage for vehicles used in business. If your business owns or leases vehicles or your employees drive personal vehicles for business purposes, Acuity can help protect you with commercial auto insurance.
Inland Marine coverage is for property in transit or stored somewhere other than your primary business location, such as contractor’s equipment and tools, inventory in transit from warehouse to retailer, or property in the course of construction.
Crime and Fidelity coverage, including fraud or theft of your property or your client's property, isn’t included within a general liability policy. However, Acuity can protect your business from these crimes with separate coverage.
Acuity’s Enhancements endorsement
Our Enhancements endorsement provides our broadest coverage for a little extra additional premium. The endorsement provides increased limits for some coverages including but not limited to computers, debris removal, employee dishonesty, money, and securities
Free OSHA 10-hour training
OSHA training is offered at no cost to our insureds and is available at locations throughout our operating territory. This program trains you and your employees to prevent, recognize, and control safety and health hazards. If you have 15 or more people to train, we will provide the instructor and content at no cost.
Who needs General Liability Insurance?
Retail
Wholesalers and distributors
Services businesses
Restaurants
Auto repair shops
Landlord & rental properties
Commercial auto insurance
Does your business rely on vehicles to get work done? When an employee is involved in an auto accident our commercial auto insurance protects your business. Acuity would love to keep you working and on the road.
Acuity’s Businessowners Policy – Bis-Pak®
Bis-Pak® is the easiest way to insure smaller businesses. The broad coverage insures buildings, contents, and liability with business income included automatically—all in one simple policy.
Workers' Compensation
No business owner wants to see his or her employees get injured on the job. Rest assured that with Acuity’s workers’ compensation insurance, when an injury does occur, we will take care of your employee by getting them the help they need so they can get back to work.
Equipment Breakdown
Equipment breakdown coverage is no longer simply for your boiler and machinery. Learn about all of the things that Acuity's equipment breakdown can cover.
FAQs
Have questions? We have answers.
Do I need commercial property insurance or a business owner's policy (BOP)?
Commercial property insurance covers only the physical building, equipment, and other assets your business has from risks such as fire, wind, or certain natural disasters.
A business owner’s policy (BOP) combines several types of insurance into one package, typically including commercial property and general liability. It allows policyholders to save money by bundling while getting custom-tailored coverage.
Is commercial property insurance legally required?
Although federal and state laws don’t typically require property insurance, it may be necessary in some situations. Below are some examples of why you may need this type of insurance coverage:
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Lease agreements
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Business contractual obligations
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Local building codes and regulations
Can your commercial property policy help pay for natural disaster damage?
A commercial property insurance policy can help pay for damage caused by some natural disasters, like fire, wind, or hail damage. Certain natural disasters such as earthquake, hurricane, and flood typically require a separate policy or endorsement.
How can I mitigate my commercial property risk?
Being proactive is the best way to reduce commercial property risk. There are several things a business owner can do:
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Conduct a risk assessment to identify potential hazards specific to your business.
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Implement security measures such as installing security systems, ensuring exterior lighting, and securing entry points.
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Develop an emergency preparedness plan that includes evacuation, contacting emergency services, and protecting critical documents.
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Train employees on safety procedures and emergency response protocols.
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