What is Commercial Property Insurance?

If you currently own property that is used for business, you'll need at least one form of commercial property insurance to protect your investment. This kind of liability insurance protects your property from losses and damages resulting from fire, smoke, severe storms, and acts of vandalism or civil disobedience.

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Policies are written in two different forms. "All-risk" policies are large umbrellas that cover a broad range f dangers, usually with some exclusions. "Peril-specific" policies, also called "named peril" policies, are purchased to cover the business from specified risks that are higher in certain areas. For instance, in South Florida and Miami a peril-specific policy might be purchased to protect commercial properties against losses from flooding, an event not covered in most all-risk policies.

At American Insurance Brokers, we can source a policy for your commercial property to fit any category of commercial property insurance. In general, these are:

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• Building insurance. Some commercial building insurance policies apply to the property's structures only. Other building insurance policies will offer coverage for equipment and inventory within the building. It may also be purchased to cover losses due to personal injury or death while on the premises. Policies may be obtained to cover the replacement value of of the building and its contents for a slightly higher premium. For tighter budges, Actual Cash Value policies are available to reimburse owners for the current value of the building and its contents.
   

• Commercial residential property insurance. Sometimes called Landlord's insurance, commercial residential property insurance is purchased to protect properties from damages that accrue from occupation or non-occupation. In the latter case, unoccupied properties are vulnerable to damages from fire, flooding, vandalism, and unlawful occupation. With no one in residence to report dangers when they occur, there is increased risk of greater damage. In Miami and South Florida, commercial residential property insurance may

• be purchased to cover occupied or vacant buildings.
   

• Commercial Non-Residential Property Insurance. If the business operated on the property is not a house, condominium, apartment, or other structure meant for residential purposes, it will fall under the commercial non-residential property insurance laws in South Florida and Miami. Commercial non-residential property insurance is carried by many businesses, including retailers, service-oriented businesses, manufacturers, restaurants, and non-profit organizations.
  
   

American Insurance Brokers, the Answer for Your Commercial Property Insurance Needs

At AIB, we've been helping South Florida and Miami business owners protect the results of their hard work for over 20 years. This is a good time to think about whether your commercial property insurance is adequate to cover your investment. Stop by one of our conveniently located offices today, or give us a call to speak with one of our friendly and experienced insurance agents. We can help you get the best insurance coverage in the area!