Commercial Property Insurance in Connecticut

What is commercial property insurance?

Commercial buildings, equipment, supplies, and inventory can all be damaged, and non-building assets can also be stolen. Commercial property insurance can help Connecticut businesses that have buildings or other significant property protect their assets.

Commercial property insurance offers customizable protection for business-owned buildings and other assets. Policies may protect a variety of assets, and against a range of risks.

Which Connecticut businesses should have business property insurance?

Business property insurance is often advised anytime a Connecticut business owns significant assets. Policies are almost always recommended for buildings, and can also be purchased for other property.

In cases where a building or equipment is financed, either through a loan or lease, the lender often requires a certain amount of coverage. Businesses usually can benefit from getting coverage regardless of whether it’s required.

Free Quotes!

What types of buildings can be covered by business property insurance?

Many businesses purchase business property insurance to insure buildings, and policies are available for most types of commercial buildings. For example, most businesses should easily find coverage for:

• Coffee shop, cafe, fast food, and restaurant spaces
• Retail stores, strip malls, and malls
• Office buildings, workshops, and studios
• Warehouses and distribution centers
• Manufacturing plants and agricultural buildings
• Garages and self-storage buildings
• Hospitals, schools, and municipal buildings
• Multi-unit residential properties

Specialized policies are also available for less common buildings, and sometimes policies are purchased to insure undeveloped land. An insurance agent who understands business property policies well can assist with finding the right policy.

What types of business property coverages are available?

The protections that business property policies offer are broken down into several distinct coverages. Some coverages that policies frequently have as options are:

• Building Coverage: Usually for the primary structure on an insured property. Might extend to additional structures on the property if necessary.
• Contents Coverage: Usually for movable items at the insured property, whether inside or outside of a building. These could include machinery, inventory, furniture, appliances, computers, decor, or other items.
• Exterior Signs Coverage: Usually for detached outdoor signs not physically connected to the main building. Sometimes isn’t necessary if building coverage extends to detached signs.
• Tenant Improvements Coverage: Usually for modifications and enhancements made by tenants to a leased commercial space.

Do commercial property policies include liability protections?

Commercial property policies generally focus on insuring physical assets. They typically don’t include liability coverage, which is typically acquired through other coverages. In many cases, property and liability coverages can be combined in a broader package policy.

Are digital assets covered by commercial property policies?

Commercial property policies usually don’t cover digital assets since these aren’t physical items. Instead, digital assets may be insurable under cyber insurance.

For example, a commercial property policy would likely cover the hardware of a computer and server. Other coverage would probably be needed for the documents on that hardware, however.

Do commercial property policies cover equipment when it’s off-site?

Any contents coverage in commercial property policies usually applies only when items, equipment, or otherwise, are on the business premises. Coverage for equipment that’s used off-site might be available through inland marine coverage, builders risk coverage, or another option.

Can a single commercial property policy cover multiple business locations?

Businesses with multiple locations in Connecticut usually shouldn’t have a problem finding a commercial property policy that protects the different locations. Occasionally, substantially different buildings might require separate policies (e.g. an office headquarters and a manufacturing facility).

An insurance agent who understands the nuances of insuring commercial buildings can confirm that a particular policy will protect a business’s different locations.

How much does insuring a commercial building cost?

The cost to insure a commercial building varies based on factors like location, size, construction type, security systems, and fire suppression systems. Comparing policies from different insurers with an independent agent is an easy way to find out how much insuring a specific building will be.