Commercial property insurance safeguards the essential physical assets necessary for your business operations, including inventory, business equipment, furniture, and physical structures. Small business commercial property insurance offers financial security in case of unforeseen incidents impacting your business property. For instance, if you lease a studio for your photography business and a fire ravages the premises, the policy would cover lost income during business downtime and expenses related to relocating and establishing operations in a new studio.

Commercial Property Insurance covers a wide range of things, which is why it is one of the most frequently purchased types of insurance for small business owners. 

4 main areas that are covered include:

Goods, equipment, and inventory: This coverage is for your business property items, such as furniture, equipment, and inventory.

Buildings: If you are the building owner, property insurance can assist in covering the costs of repairing the structure itself. 

Business income interruptions: This coverage provides help with loss of business income and associated expenses should you need to temporarily shut down operations. Reasons for temporarily shutting down could include fire, water damage, or any other event covered by your policy. 

Equipment breakdowns: This coverage adds another layer of protection in the instance that your company equipment is damaged by a power surge or mechanical failure.

The cost of commercial property insurance varries. Some of the factors that affect your business property insurance cost include:

• The type of industry you are in / the type of work you do
• How many employees you have
• The state your company operates in
• Previous claims history
• Policy limits
• Your work experience in your specified industry