If you own your own building or lease space from someone you may need a Commercial Property Policy.

A commercial property policy protects your building and/or contents from loss from fire, vandalism, theft, smoke damage, wind/hail, storm, etc. This policy would provide the resources to either fix or rebuild the buiding as well as replace the contents of the business that were lost or damaged. Another important component of a commercial property policy is the Business Interruption or Loss of Income/Rent coverage. If there is a covered cause of loss to the physical property that is insured on the policy, the loss of income would cover ongoing expenses that still need to be paid. This could include rent/mortgage, utilities, lease payments, payroll, benefits, and other ongoing expenses. The loss of income also includes the net profit that is lost. Another component is the Extra Expense coverage. This coverage would pay to get the business set up in another location to become operational again much sooner than waiting for the repairs to be done. Even if you do not own the building you are operating in, you can purchase a commercial property policy to cover just your contents and loss of income. You do not have to insure the buidling itself on a commercial property policy. One important thing to remeber is that Flood is usually NOT a covered peril on a commercial property policy. You would need to purchase a seperate flood policy to cover losses from flood. 

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