Commercial Property Insurance in Massachusetts
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Commercial Property Insurance in Massachusetts
What is commercial property insurance?
Commercial properties are substantial financial investments that need to be protected accordingly. One way to help protect a commercial property located in Massachusetts is by purchasing suitable commercial property insurance.
Commercial property insurance is specifically designed to provide customized coverage for commercial properties. These policies can usually protect buildings and other assets on a property.
Which Massachusetts properties can business property insurance be purchased for?
Almost all commercial properties in Massachusetts can be protected with business property insurance. In addition to buildings, policies may also insure land, equipment, or large amounts of inventory. Owners of retail stores, office buildings, restaurants, factories, warehouses, healthcare facilities, academic properties, farms and other properties commonly purchase this insurance.
In many cases, businesses with mortgages on their properties could be required to have certain business property coverages. Banks often impose requirements, to prevent a total financial loss if a building is destroyed. Similar requirements can apply when equipment is financed or leased.
Beyond any requirements, it’s broadly recommended that businesses insure significant buildings or other assets. An insurance agent who’s familiar with business property policies can help property owners find a policy that’ll protect their particular buildings well.
What coverages does business property insurance offer?
Business property insurance policies typically provide a range of property-related coverages, so they can meet the diverse needs of different businesses. Some possible coverages are:
- Building Coverage: Could protect business-owned buildings, encompassing primary structures and any secondary constructions within the insured property.
- Contents Coverage: Could protect other assets on a property, including equipment, tools, supplies and inventories.
- Tenants Betterment Coverage: Could protect build-out improvements made by tenants to their leased space.
- Signage Coverage: Could offer protection for both attached and standalone signage on the insured property.
Depending on the specifics of a policy, signage is sometimes incorporated within building coverage. Businesses should check whether the coverage is part of building coverage or should be purchased separately, which is something a knowledgeable insurance agent can assist with.
Do commercial property policies include liability coverage?
Commercial property policies typically don’t provide any liability protection. The liability coverage needs of businesses are too varied to be adequately covered by a single policy.
Businesses can, acquire separate liability policies that protect against general or more specific risks. Liability policies can often be bundled with commercial property policies into a package policy.
Do commercial property policies cover off-site?
Most commercial property policies only extend coverage to equipment, supplies and product inventory located at the insured property’s premises.
To protect items during transportation, businesses can purchase inland marine coverage. Builders risk coverage or other protections might be used for items located elsewhere, such as at worksites or trade shows. In certain circumstances, like for small businesses, commercial property policies might cover low-value items at customer sites, festivals, or similar locations.
Can commercial property policies insure multiple locations?
Yes, commercial property policies can often cover multiple locations, provided those locations are within Massachusetts (or any other single state). A seasoned insurance agent can help find the most efficient way to insure multiple sites.
Can a business adjust its coverage as it grows?
Yes, a business can typically adjust its commercial property coverages as it grows. Whether a business is expanding its physical space, acquiring new equipment, or shifting its operations, an experienced insurance agent can make sure the necessary business property insurance protections are in place.
How can businesses obtain commercial property insurance for their buildings?
If you require assistance with insuring a property or another asset in Massachusetts, reach out to the independent insurance agents at Platinum Insurance. Our team is highly knowledgeable about the intricacies of commercial property insurance policies, and will collaborate with you to ensure your business’s properties are covered by the right protections.
