Insurance for Commercial Buildings
A common question often expressed by new commercial property owners is what type of insurance they should have on their building. Common types of insurance often purchased for commercial buildings include property damage, public liability, and rent interruption insurance.
Property damage insurance will help protect your investment if your building is damaged or destroyed by fire or other causes. Public liability coverage will protect you if someone is hurt in the building and sues you. But also consider rent interruption insurance to make sure you do not lose rental income while you are repairing damage caused by a fire or tornado.
As with any policy, it is important to know what your policy does and does not cover. For example, many commercial property insurance policies exclude any property specifically insured under another policy, as well as property sold by the insured under conditional sales installment plans, or other deferred billing plans after delivery to the customer.
Additionally excluded are money, securities, precious metals, and bullion, as well as fine arts, jewelry, watches, furs, and silverware. However, excluded items can often be covered by an endorsement.