Business Contents Insurance
Business Contents Insurance, also called commercial contents or business assets insurance, protects the physical assets inside your business space and is usually offered together with your commercial property insurance policy. This type of coverage protects the equipment that your business needs to operate from risks such as theft, vandalism, fire and water.
If you rent, lease, or own a commercial space, you are usually required either by your landlord, bank or lender to have property insurance in place to cover the building and premises. This same policy also usually includes coverage for items such as computers and smartphones, office furniture, heavy machinery, production equipment, raw materials, finished goods, and more. Whether you have a single laptop and smartphone, or a complex operation using heavy equipment, contents insurance is a definite must-have to protect your business.
There are several types of business contents coverage available:
Named Perils
Coverage that helps to repair or replace damage or loss caused by specific events listed in the policy such as fire, water or wind.
All-Risks
Coverage that helps to repair or replace damage or loss caused by all types of risks, except those that are specifically listed in the policy.
Replacement Cost
Coverage that pays the cost to replace an item with a new one.
Actual Cash Value
Coverage that pays the cost to replace an item based on its depreciated value.
Leasehold Improvements
Coverage that pays to repair or replace permanent additions or alterations you made to your leased space such as flooring, lighting, cabinetry, shelving and more.
Key Coverage
Common Claims
Named Perils
A restaurant fire resulted in laptops, POS systems, kitchen equipment and furniture being damaged. Fire is a Named Peril and the policy covers the repair or replacement of all items.
All-Risks
A clothing store was broken into. Items for sale, laptops and POS systems were stolen and racks and fitting room furniture were damaged. Theft and vandalism are covered by an All-Risks policy, which will repair or replace all items.
Actual Cash Value and Replacement Cost
A burst pipe in an office space resulted in damage to a laptop, desk and chair. An Actual Cash Value policy pays based on the depreciated value of these items at the time of loss. A Replacement Cost policy pays based on the cost of a new laptop, desk and chair.
Leasehold Improvements
A fire in a law office’s leased space damaged several partners’ offices and a boardroom, including glass walls, hardwood flooring, cabinetry and shelving. These are covered and will be repaired or replaced under this portion of the policy.
Contact us today to learn more about our business contents insurance coverage and to get a free quote. We are committed to providing you with the best possible coverage at an affordable price.
The content on this page is for information only. The insurance products described are subject to terms, conditions, limitations and exclusions that are outlined in the policy wording. Please refer to the policy wording for complete details.