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What Is Business Property Insurance?
Protecting your physical location and equipment is important for any small business. That’s where business property insurance comes in. This type of business insurance, also known as commercial property insurance, helps protect your business property, whether you own or rent it.
If they’re stolen, damaged or destroyed, business property insurance can help cover the costs to repair or replace your:
- Personal property located at your business
- Tools and equipment you use for business
- Inventory stored at your office or warehouse
- Furniture, such as couches, desks, chairs and tables
- Computers you use to run your business
- Accounts receivable and other important documents
- Outdoor landscaping, like fences
What Does Business Property Insurance Cover?
From property damage to bodily injury, business property insurance can help protect you from a variety of claims, such as:
Fire damage to your property. Let’s say your business’ furniture gets destroyed after a fire. Insurance coverage can help pay your costs to replace it.
Customer injuries at your business, like trips and falls.
Theft, such as someone breaking into your business and stealing your equipment.
Lost income from not being able to run your business because of a covered loss.
A good way to protect your company is to identify risks early, so you can try to prevent them from happening. Our risk engineering team can help you find ways to start protecting your business, so you can create a safer work environment for your employees.
Is Business Property Covered Under Homeowners Insurance?
Business property insurance is different than homeowners insurance. It offers more property coverage for your business compared to a standard homeowners policy, which may include little or no coverage for business property.
If you have a home-based business, your homeowners policy doesn’t protect your business’ technology, equipment or files. Your home policy also won’t protect your business property if it's stored in a different location. So, you may want to get business property insurance to ensure you have enough coverage.
Who Needs Business Property Insurance?
At a minimum, you need property and casualty insurance to protect your business. So, you’ll want to get business property insurance along with general liability insurance. Without these coverages, you may have to pay claims and damages out of pocket, which can put you and your business at risk.
No matter what industry you’re in, commercial property insurance can help protect your business. Here are just a few of the industries we cover:
- Advertising, graphic design and media services
- Barbershops
- Electrical contractors
- Financial institutions
- Pet grooming
- Plumbers
- Retail
Business Property Insurance From The Hartford
Not every insurance company is the same. We’re backed by over 200 years of experience, and our dedicated small business insurance team has been helping business owners for over 30 years. We make it our business to have your back, so we can help you customize your business property insurance or add additional coverage to fit your specific needs.
Business property insurance from The Hartford offers broad protection. So, it can help you get your business back up and running if it’s damaged by a fire, theft or even natural disasters.
Get a business insurance quote today to find out your commercial property insurance cost, and see how we can help propel you and your business forward.