Real Estate

Types of Commercial Property Insurance

 

Builder’s risk insurance provides coverage while real estate is still being built.  If construction of a building was ruined during a tornado, this type of policy would pay for the damages.

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Glass insurance covers broken windows on your commercial property.

Ordinance insurance is another type of property insurance.  Ordinance insurance is when an old building is halfway destroyed due to some force of nature or fire and needs to be rebuilt.  An ordinance or law may require that the whole building to be torn down and rebuilt to comply with current building codes.  The property insurance will cover the replacement value but will not pay for the building to be upgraded.

Debris removal insurance is good to get in addition to your current policy because your property insurance plan will cover the cost to rebuild but not to remove debris.  If your building is destroyed then you do not have to worry about paying someone to remove the remains of your building. 

Inland marine insurance is a way to cover property that is currently involved in non-marine transportation.  This type of insurance can also cover other people’s property on your premises. For example, you were building an addition to your house it would protect the building materials and the builder’s equipment. 

Business interruption insurance will cover lost income from property damage and help pay your employees and taxes that are still accumulating.

Crime insurance will cover any theft, burglary, securities and licensed products from employees and other people.  It can also help you pay legal fees if you need to go to court.

Machinery insurance will pay for machines and equipment to be repaired or replaced if they break . This type of additional property insurance will also pay for any income you may have lost from the break in productivity.  If you are a manufacturing company, then this would be a great addition to your plan.