Oklahoma Commercial Property Insurance

 

What is Commercial Property Insurance?

Commercial Property Insurance helps protect your business property and physical assets from damage, loss and theft. The overall intent of Commercial Property Insurance is to help your business repair or restore tampered property, as well as to help your business resume normal running operations. Commercial Property Insurance is so pivotal for businesses considering the breadth of damage that your business property can potentially undergo.

Business property that commercial property insurance typically covers includes:

  • Physical Infrastructure of the Building

  • Furniture / Equipment

  • Tools

  • Inventory

  • Documents

  • Exterior Assets (signs and fences)

Property Insurance is a type of commercial insurance that helps protect business property against the loss of assets. Policies in commercial property insurance vary greatly from one to another, but we can review some of the basic terms, limits and considerations for your business.

Download our whitepaper: Factors That Determine Commercial Property Premiums

Who Needs Oklahoma Commercial Property Insurance?

  • Building Owners (or those who own any physical assets of value or inventory)

  • Commercial Property Tenants /Landlords

  • Commercial Equipment Renters

  • Product Manufactures

  • Real Estate Investors

Commercial Property Insurance is one of the most fundamental securities businesses obtain, or are mandated to obtain from tenants or sometimes state law, to protect the physical aspect of a business in the event of damage.

 

Types of Commercial Property Insurance Coverage:

  • Business Building Insurance 

    • Whether you are in Oklahoma City (OKC) elsewhere in Oklahoma or across the country this type of business insurance covers the building and permanently installed equipment from direct physical loss.

  • Business Personal Property Insurance

    • Business Personal Property covers the business property of the insured while in or within a specified distance from the building for direct physical loss.  Tenants can also include permanently installed equipment or improvements to the property.

  • Business Insurance for Building Ordinance and Increased cost of Construction

    • This is an important coverage of business insurance that covers the increased cost to repair or replace a building that has suffered a direct loss.  A common example in Oklahoma of when this type of business insurance would include when a building that was partially destroyed in a fire that the local ordinance required a fire sprinkler to be installed in the building before they would allow the building to be occupied or receive an occupancy permit.

  • Business Insurance - Loss of Rents Coverage/Business Income

    • Building Lessor - Covers the loss of rental income from a direct physical loss to the property. This will usually accompany a loss to the building or business personal property.

    • Building occupant/Business Owner - Covers the loss of net income that is a result of a direct physical loss to your building or business’s personal property.

How Much Does Commercial Property Insurance Cost?

Commercial Property rates can very quite considerably based on:

  • Building Size

  • Property Construction Makeup

  • Upgrades and Improvements

  • Business Use

  • Industry

  • Location

  • Neighboring Businesses

  • Affixed Item Values

Sometimes combined with Business Income, this policy provides coverage to maintain your business operations after a covered loss.  An example would be the temporary leasing of a building to continue operations.

Blanket Insurance Programs

Blanket Limit Insurance Coverage programs are often used by businesses that own multiple commercial real estate locations. Blanket limit insurance coverage is a single property insurance that offers coverage for multiple properties at various locations under one policy.

What Does Property Insurance Cover?

  • Theft of business property

  • Accidental damage to business from external incidents such as fire

  • Some natural disasters, particularly fire and storms

What Does Property Insurance Not Cover?

These are standard exclusions from most commercial property insurance policies:

  • Hurricane

  • Earthquake

  • Flood

  • Theft by employees or business partners

  • Theft of cash

  • Moveable property

  • Equipment breakdown