Commercial Property Insurance.

Commercial property insurance is a type of insurance that protects businesses that own or lease commercial real estate. This includes non-residential properties such as office buildings, warehouses, retail storefronts, and other types of commercial properties.

Commercial property insurance can help protect your business's physical assets in the event of damage or destruction caused by a covered loss, such as a fire or natural disaster. It can also provide coverage for your business's personal property, such as office furniture, inventory, and equipment, if it is damaged or stolen.

Commercial property insurance is designed to protect businesses that own or lease commercial real estate, such as office buildings, warehouses, retail storefronts, and other types of non-residential properties. This type of insurance can be beneficial for a variety of businesses, including:
‍
Retail stores
Offices
Restaurants and other food establishments
Warehouses and distribution centers
Manufacturing facilities
Hotels and other hospitality businesses
Health care facilities
Nonprofit organizations

If your business owns or leases a commercial property, it may be a good idea to consider purchasing commercial property insurance to protect your investment. This type of insurance can help cover the costs of repairing or replacing the physical structure of your property in the event of damage or destruction caused by a covered loss, such as a fire or natural disaster. It can also provide protection for your business's personal property, such as office furniture, inventory, and equipment, if it is damaged or stolen.

Commercial property insurance policies typically have a number of exclusions, which are events or circumstances that are not covered by the policy. Some common exclusions in commercial property insurance policies include:
Flood and water damage: Many commercial property insurance policies exclude coverage for damages caused by flood, surface water, and water that enters the building through the foundation. This type of coverage is typically available through a separate flood insurance policy or extension
Earthquake damage: Earthquakes are often excluded from or carry very high deductibles on commercial property insurance policies. Businesses in areas prone to earthquakes may need to purchase a separate earthquake insurance policy to provide coverage for damages caused by earthquakes.
Wear and tear: Commercial property insurance policies generally do not cover damages resulting from normal wear and tear or deterioration of the property.Intentional acts: Commercial property insurance policies typically exclude coverage for damages or losses resulting from intentional acts, such as vandalism or arson.Nuclear accidents: Most commercial property insurance policies exclude coverage for damages or losses resulting from nuclear accidents.
Pollution: Many commercial property insurance policies exclude coverage for damages or losses resulting from pollution or contamination of the property.

It is important to carefully review the exclusions in your commercial property insurance policy alongside your broker to understand what is and is not covered. If you have concerns about specific types of risks or events, it may be a good idea to speak with an insurance agent or broker to determine the best coverage options for your business.

Commercial property insurance policies typically have a number of exclusions, which are events or circumstances that are not covered by the policy. Some common exclusions in commercial property insurance policies include:
Flood and water damage: Many commercial property insurance policies exclude coverage for damages caused by flood, surface water, and water that enters the building through the foundation. This type of coverage is typically available through a separate flood insurance policy or extension
Earthquake damage: Earthquakes are often excluded from or carry very high deductibles on commercial property insurance policies. Businesses in areas prone to earthquakes may need to purchase a separate earthquake insurance policy to provide coverage for damages caused by earthquakes.
Wear and tear: Commercial property insurance policies generally do not cover damages resulting from normal wear and tear or deterioration of the property.Intentional acts: Commercial property insurance policies typically exclude coverage for damages or losses resulting from intentional acts, such as vandalism or arson.Nuclear accidents: Most commercial property insurance policies exclude coverage for damages or losses resulting from nuclear accidents.
Pollution: Many commercial property insurance policies exclude coverage for damages or losses resulting from pollution or contamination of the property.

It is important to carefully review the exclusions in your commercial property insurance policy alongside your broker to understand what is and is not covered. If you have concerns about specific types of risks or events, it may be a good idea to speak with an insurance agent or broker to determine the best coverage options for your business.

If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.

At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.

So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.

Commercial property insurance is a type of insurance coverage that provides protection for businesses against losses or damages to their physical property. This can include the business's building, as well as any contents or equipment owned by the business.

Commercial property insurance typically covers a range of perils, such as fire, windstorm, hail, lightning, and theft. It can also provide coverage for damages caused by vandalism, water damage, and other types of accidents. Some commercial property insurance policies may also provide coverage for business interruption, which can help cover the lost income and extra expenses a business may incur if it is unable to operate due to damage to its property.

In general, commercial property insurance is designed to protect businesses against financial losses resulting from damages to their physical property. It is an important type of coverage for businesses, as it can help protect their assets and ensure they are able to continue operating in the event of a covered loss. It is important for businesses to carefully consider their property insurance needs and to consult with an insurance agent or broker to determine the appropriate coverage for their specific situation.

Commercial Property Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
‍
The exact cost for your insurance policy varies according to factors such as:
Type of Property
Type of Business
Age and Condition of Property
Property Location
Claims History

There are several steps that businesses can take to prevent commercial property insurance claims:
Conduct regular inspections: Regular inspections of the property can help identify and address any potential issues before they lead to a claim.Implement safety measures: Implementing safety measures, such as installing fire sprinklers and smoke detectors, can help prevent fires and other accidents that could lead to a claim.
Secure the property: Ensuring that the property is properly secured can help prevent theft and vandalism, which can lead to claims.
Maintain the property: Regular maintenance of the property, including the roof, plumbing, and electrical systems, can help prevent damages and prolong the life of the property.
Purchase the right insurance coverage: It is important to purchase the right insurance coverage for your business to ensure that you are adequately protected in the event of a covered loss.By taking these precautions, businesses can help prevent commercial property insurance claims and protect their assets.

It is also a good idea to work with your broker to regularly review and update your insurance coverage to ensure that it meets the changing needs of your business.

To get a quote for commercial property insurance, you typically need to provide the following information:
Details about the property: This includes the address of the property, the type of property (e.g. office building, warehouse, retail store), the age of the property, and the construction type (e.g. brick, steel frame).
Description of the business: This includes information about the type of business that will be conducted on the property and the number of employees.
Coverage details: This includes information about the type of coverage you need (e.g. fire, flood, windstorm), the amount of coverage you need, and any additional endorsements or riders you may want to include (e.g. business interruption coverage). Our experts at Summit are are here to walk you through what risks you may face and how to mitigate them with different types of coverage. We can also run a building valuation for you to make sure you are insuring your property to its full value.
Loss history: Insurance companies will want to know about any past losses or claims made on the property.Contact information: You will need to provide your name, address, and phone number so the insurance company can contact you.

It's a good idea to have this information gathered and ready when you contact Summit to request a quote. This will help the process go smoothly and ensure that you get an accurate quote.