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2 Things Commercial Property Insurance Covers

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If you are a commercial property owner, you understand the importance of commercial property insurance. The policy provides coverage for a variety of risks associated with commercial properties.

This post explores two main things that commercial property insurance covers. So, if you are interested in learning more about what commercial property insurance can do for you and your business, keep reading.

Fire Damage

If your commercial property sustains damage from a fire, your property insurance policy will help pay for the repairs.

This insurance policy typically covers fire damage in two ways. The first is through direct coverage, which pays for the repair or replacement of any property destroyed by fire.

The second is through business interruption coverage, which offsets the cost of lost income when a business is forced to close due to fire damage. In addition, commercial property insurance will also cover the cost of a temporary relocation if your business needs to close while repairs are underway.

In most cases, commercial property insurance will also cover smoke damage and any damage caused by the firefighters during their efforts to extinguish the fire. This type of coverage is vital for any business owner, as it can help protect against the financial devastation that results from a fire.

Wind And Hail Damage

Commercial property insurance covers wind and hail damage to a building's exterior, as well as the contents of the building. The insurance policy will pay for the cost of repairs up to the policy's limit. In some cases, the insurance company may also pay for the cost of temporary repairs, such as boarding up windows or tarping a roof.

In some cases, wind and hail damage can be covered under the "named perils" section of a commercial property insurance policy. The policy will specifically list wind and hail as covered perils.

Commercial property insurance policies will also cover damage from falling objects, such as tree limbs or construction debris. But some policies may have exclusions or limitations on coverage for wind and hail damage. For example, a policy may exclude damage caused by hurricanes or tornadoes.

Don't assume that your policy will cover you in case of harsh weather damage. Contact your insurance agent to learn more about what types of wind and hail damage are covered under your policy. This way, you will know what to expect if your commercial property sustains unexpected damage from storms or accidents.