Commercial Property Insurance Coverage

Introduction

All businesses and non-profit organizations use some property that is exposed to loss.  Whether it be office furniture, computer equipment, Fixtures, records or supplies - all businesses have property that is valuable and is subject to loss.  It does not matter whether it is a small one person manufacturer’s representative with regular office property, a large manufacturer of automotive accessories with heavy equipment, or a real estate developer with several large apartment complexes - everyone has exposure and a need for property coverage.  Harman Stone Corp.  takes great pride in meeting the important property coverage
needs - "Small Business Serving Small Business."

Commercial property insurance covers buildings and business personal property against losses that might be caused by a wide range of perils - a peril being a specific risk such as a fire, windstorm, flood, or theft.  While many types of property can be insured under property insurance, some property such as money and securities are best insured under "Crime Insurance."

Many small and medium sized businesses either believe that misfortune will never strike them and their businesses, either because they believe they will be lucky or because they believe that if it ever does happen, they will be in a position at that time to handle it themselves - "self-insuring."  However, financial institutions doing business and providing credit and financing to the businesses will very often require that sufficient property insurance be obtained to guard against losses which might not be able to be recovered from thereby placing their investment and the business owners investment at risk.

Additionally, lenders almost always require that any property aquired through a loan be insured against loss to protect their financial interest as well.  These lenders will require they be listed as an additional insured or loss payee on the commercial insurance policy.

Commercial insurance is a very necessary factor in the construction and financing of homes, offices, factories, stores, etc.

There are basically four types of property for which you might need commercial property insurance coverage:

1.)  Real Property - Land and whatever is built or affixed to the property as "immovable property."
 
2.)  Personal Property - Property, other than "Real Property," that is "movable" property.
 
3.)  Tangible Property - Property that can be touched and has a physical existence.
 
4.)  Intangible Property - Property that can not be touched and does not have a physical existence.  These might include trademarks, copyrights, patents, software, or other forms of intellectual property.

Most commercial property insurance policies do not cover intellectual property, but separate coverage is available.

Harman Stone Corp. takes great pride in the motto, "Small Business Serving Small Business."