Commercial Property Insurance
Whether you own the building, lease your workspace, or work from home, commercial property insurance is essential to help protect your business's physical assets from unexpected events like fire, theft, or vandalism.
Your business relies on its physical assets to operate. From the building itself to the computers, inventory, and equipment inside, damage or loss can bring your operations to a halt. Hoover Insurance NW provides commercial property insurance designed to help you recover quickly and get back to business.
Because every business is unique, our agents work closely with you to understand your specific risks and tailor a commercial property policy that fits your needs.
What does commercial property insurance cover?
Commercial property insurance generally helps protect the physical assets your business owns or leases. This can include:
The Building
Whether you own or rent your workspace, coverage helps protect the structure itself from covered perils like fire or windstorms.
Equipment & Furniture
From office desks and chairs to specialized manufacturing equipment and computers.
Inventory
Merchandise, supplies, and raw materials kept in stock for your business operations.
Outdoor Assets
Fences, landscaping, and outdoor signs associated with your business property.
Additional coverage options to consider
A standard commercial property policy might not cover every risk your business faces. You can often add endorsements or specialized coverages to enhance your protection:
| Coverage Option | How it helps |
|---|---|
| Business Income (Interruption) | If a covered property loss forces you to temporarily close or relocate, this coverage helps replace lost net income and pay for continuing normal operating expenses, like payroll and rent. |
| Equipment Breakdown | Helps cover the cost to repair or replace mechanical, electrical, or pressure systems (like boilers, HVAC, or specialized machinery) if they suffer a sudden and accidental breakdown. |
| Ordinance or Law | If a covered loss damages your building, local building codes may require you to upgrade the entire structure during repairs. This coverage helps pay for those increased construction costs. |
What is typically not covered?
It's important to understand the exclusions in your commercial property policy. Some common risks generally require separate insurance policies or specialized endorsements:
- Commercial vehicles: Vehicles used for business require a separate commercial auto policy.
- Employee injuries: Work-related injuries are covered by workers' compensation insurance.
- Liability claims: If someone slips and falls on your property, or if you're sued for a product defect, you'll need general liability insurance.
- Floods and earthquakes: Standard commercial property policies typically exclude damage from floods and earthquakes. You may need to purchase separate policies for these perils.
Frequently asked questions
Related articles
What is a Business Owner's Policy (BOP)?
A BOP combines commercial property and general liability insurance into one convenient package, often at a lower premium than buying them separately.
Understanding Business Income Insurance
Learn how business income coverage can help your company survive financially if a covered property loss forces you to temporarily halt operations.
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