Commercial Property
Protecting your business starts with reliable coverage and a broker who understands the Insurance market.
Property Insurance
Commercial Property Insurance helps protect your business from financial loss caused by damage to buildings, equipment, and other physical assets. Events such as fire, theft, or severe weather can cause significant damage and disrupt normal operations. Property insurance provides the coverage needed to repair, replace, or rebuild damaged property and minimize downtime.
Businesses that do not have the resources to self-insure should carry property coverage to ensure financial stability after a loss. Conducting a detailed inventory of your business property helps determine the appropriate limits of insurance.
Property Commonly Covered
Property insurance can be written to cover a variety of assets, including:
Buildings and structures (owned or leased)
Business personal property such as furniture, equipment, and inventory
Money and securities
Records of accounts receivable
Improvements or betterments made to leased spaces
Machinery, boilers, and production equipment
Electronic data processing equipment such as computers and servers
Valuable papers and records
Mobile equipment or tools used off-site
Property in transit or at temporary locations
Outdoor property such as signs or fencing
Business income and extra expenses resulting from a covered loss
Coverage can be tailored to include specific property types depending on your business operations.
Types of Property Coverage
Basic Form: Covers common perils such as fire and lightning, and may include debris removal after a covered loss.
Broad or Special Form: Expands coverage to include additional causes of loss such as windstorm, hail, smoke, explosion, vandalism, or vehicle impact. Flood and earthquake coverage typically require separate policies or endorsements.
Additional endorsements can be added to address unique exposures such as equipment breakdown, utility interruption, or terrorism.
Determining Limits
To avoid underinsurance, it is important to select limits that reflect the true value of your property. Most policies provide:
Replacement Cost Value (RCV): The cost to repair or rebuild property using materials of similar kind and quality, without depreciation.
Actual Cash Value (ACV): The replacement cost minus depreciation based on age and condition.
Many property policies include a coinsurance clause, which requires the insured to carry coverage up to a stated percentage of the property’s value (commonly 80%, 90%, or 100%). Failing to meet this requirement can result in reduced claim payments, even for partial losses.
The Jines Group works with businesses to evaluate property values, identify coverage gaps, and structure insurance programs that align with each operation’s needs and risk profile.
Property Insurance
Commercial Property Insurance helps protect your business from financial loss caused by damage to buildings, equipment, and other physical assets. Events such as fire, theft, or severe weather can cause significant damage and disrupt normal operations. Property insurance provides the coverage needed to repair, replace, or rebuild damaged property and minimize downtime.
Businesses that do not have the resources to self-insure should carry property coverage to ensure financial stability after a loss. Conducting a detailed inventory of your business property helps determine the appropriate limits of insurance.
Property Commonly Covered
Property insurance can be written to cover a variety of assets, including:
Buildings and structures (owned or leased)
Business personal property such as furniture, equipment, and inventory
Money and securities
Records of accounts receivable
Improvements or betterments made to leased spaces
Machinery, boilers, and production equipment
Electronic data processing equipment such as computers and servers
Valuable papers and records
Mobile equipment or tools used off-site
Property in transit or at temporary locations
Outdoor property such as signs or fencing
Business income and extra expenses resulting from a covered loss
Coverage can be tailored to include specific property types depending on your business operations.
Types of Property Coverage
Basic Form: Covers common perils such as fire and lightning, and may include debris removal after a covered loss.
Broad or Special Form: Expands coverage to include additional causes of loss such as windstorm, hail, smoke, explosion, vandalism, or vehicle impact. Flood and earthquake coverage typically require separate policies or endorsements.
Additional endorsements can be added to address unique exposures such as equipment breakdown, utility interruption, or terrorism.
Determining Limits
To avoid underinsurance, it is important to select limits that reflect the true value of your property. Most policies provide:
Replacement Cost Value (RCV): The cost to repair or rebuild property using materials of similar kind and quality, without depreciation.
Actual Cash Value (ACV): The replacement cost minus depreciation based on age and condition.
Many property policies include a coinsurance clause, which requires the insured to carry coverage up to a stated percentage of the property’s value (commonly 80%, 90%, or 100%). Failing to meet this requirement can result in reduced claim payments, even for partial losses.
The Jines Group works with businesses to evaluate property values, identify coverage gaps, and structure insurance programs that align with each operation’s needs and risk profile.
