Commercial Property

WHAT IS COMMERCIAL PROPERTY INSURANCE?


Commercial Property is first-party insurance that reimburses the owner or occupant for damage to buildings and contents from a covered peril. This insurance is a way of transferring the risk of losing the value of your assets because of things outside of your control. Sometimes it can be the weather, human error, or a combination of both, but either way, with the proper insurance, you can protect against uncontrolled depreciation of your assets. Not only that, but the proper insurance can assist you in the costs of continuing business after your building has been destroyed or damaged. Your business will still will have payroll, mortgage expense, vendor invoices, or other bills due to that could normally bankrupt a business, but with the proper insurance, these bills could all be reimbursed in addition to the cost of your building being rebuilt.


COMMERCIAL PROPERTY INSURES AGAINST:

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  • First-Party
    • Insurance that reimburses the owner or occupant.
  • Damage to Buildings & Contents
    • Insures against damage to buildings and contents from a covered peril.
  • Loss of Income
    • Could also insure against Loss of Income, providing business continuity.
  • Increased Expenses
    • If properly insured against, could also cover the increased expenses associated with recovery after your building or contents are damaged from a covered peril.
  • Newly Acquired Building
    • Temporary coverage for newly acquired buildings could also be insured.

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“Sometimes it can be the weather, human error, or a combination of both, but either way, with the proper insurance, you can protect against uncontrolled depreciation of your assets”.

COMMONLY ASKED QUESTIONS ABOUT COMMERCIAL PROPERTY:

  • Which businesses need Property Insurance?
    • Since Commercial Property Insurance is a first-party liability policy, it means that it reimburses you for losses to your property; any business owning buildings or equipment that stays on-site should protect their assets with property insurance.
  • How does Property Insurance protect against Loss of Income?
    • If properly insured, this insurance could cover your ongoing bills while your business property is being rebuilt due to damage from a covered peril.
      • EX: Your mortgage on your business property is still due, and insurance could potentially cover that until the building is reconstructed.
  • If a customer gets hurt on my property, will this insurance reimburse the customer for medical bills?
    • No, this is an instance where General Liability Insurance protects your business from third-party claims like this question above. Property Insurance is first-party insurance that reimburses you for damage or loss of use of your property.
  • Will this cover my business-owned equipment (like tractors, welder, bulldozer) while in transit or on another job site?
    • In most cases no, this would have to be insured on an “Inland Marine Policy”.

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Payroll Admin

Still doing your own payroll? Tasks involved with Payroll and Employee Administration are purely transactional events.

Human Resources

At eESI, our business is all about assisting with the management of any organization’s most valuable resource: people.

Employee Benefits

A benefit package can be a major incentive to lure the best new talent to your workforce and keep your current employees happy.

Risk Management

Risk is a basic part of business. As a co-employer we work to eliminate, mitigate or share your associated legal liabilities.

HCM Technology

eESI continuously utilizes the latest in technological advances through online and mobile solutions to make your life easier.

Payroll Admin

Still doing your own payroll? Tasks involved with Payroll and Employee Administration are purely transactional events.

Human Resources

At ESI, our business is all about assisting with the management of any organization’s most valuable resource: people.

Employee Benefits

A benefit package can be a major incentive to lure the best new talent to your workforce and keep your current employees happy.

Risk Management

Risk is a basic part of business. As a co-employer we work to eliminate, mitigate or share your associated legal liabilities.

HCM Technology

ESI continuously utilizes the latest in technological advances through online and mobile solutions to make your life easier.