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Commercial property and casualty insurance—also referred to as P&C Insurance or commercial lines insurance—is a category of business insurance. This type of insurance includes policies that protect small businesses from a range of threats. It commonly refers to both commercial property insurance and casualty insurance. What are these commercial insurance policies?
Commercial property insurance covers the physical building of your business and all of its business assets including inventory, products, equipment, furniture, personal property). This insurance provides coverage for damage from fire, theft, natural disasters, and vandalism. It is necessary if you own or lease your property.
You can insure your property on a replacement cost or actual cash value basis. Replacement cost reimburses you the actual amount to replace the lost or damaged item. Actual cash value is the replacement cost minus depreciation—which may not be enough to replace the damaged property.
Commercial crime insurance and equipment breakdown coverage are insurance policies that can be grouped under commercial property coverage.
Casualty insurance is a group of liability policies to protect your business from any liability claim you may face. It usually includes these types of commercial insurance coverage:
Commercial property and casualty insurance are often sold together as a package deal, similar to a business owners policy. We recommend speaking with an agent to determine what types of casualty coverage you need to include in your insurance package based on your business type.
Businesses face a lot of risks that are out of your control. If a tornado comes through your area and tears your roof off and damages your inventory, what are you going to do? If you have business property insurance, your insurance company can help repair your building and replace the damaged contents. If you don’t have it? Your business could stay completely decimated. That's the difference between having insurance coverages and "saving money."
What if your general liability insurance lapses and a customer has a piece of heavy equipment fall on them? You could be liable for thousands of dollars of medical expenses, legal fees, not to mention a costly legal settlement. Paying for liability policies may not be popular, but it is certainly necessary to protect your business, your customers, and your reputation.
Property and casualty insurance includes different types of commercial insurance policies that a business might need. The types of insurance you need for your business will be different from the next small business. If you'd like more information about property and casualty insurance, complete the form at the top of the page. Or, call us at 877-907-5267. We'll help you get the business policy you need with the right insurance company for your business.
More Information: Commercial Property Insurance | Business Owners Policy