Commercial Property Insurance
We provide commercial property insurance solutions to businesses in upstate New York and throughout Pennsylvania
What is commercial property insurance?
Purchasing commercial real estate involves a significant financial investment, and it’s important to protect that investment. One way investors and businesses can protect such investments in properties is by getting commercial property insurance.
Commercial property insurance provides flexible coverage options for buildings and other commercial properties. A policy may offer protection against a wealth of potential risks.
What properties should business property insurance be purchased for?
Business property insurance is recommended for most commercial properties. This broadly includes retail buildings, office buildings, warehouses, hotels, agricultural structures and more. Multi-unit residential with at least five units often falls under business property insurance, too.
In some cases, businesses might even get coverage for particularly expensive equipment that they have. Supplies and inventory can also be covered.
Insurance isn’t just recommended but is often required if businesses have financed their property. Lenders often have coverage requirements within the terms of their loans, as a means of making sure the lender’s investment is protected. A policy is generally recommended regardless of any such requirement, though.
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What insurance coverages should businesses get when insuring a property?
Business property policies typically have multiple coverages, so they can protect a range of properties from a variety of risks. Some coverages that might be needed are:
- Building Coverage: Might insure the main building on the insured property, and could also extend to other structures on the property.
- Contents Coverage: Might insure items stored at the insured property, such as equipment, product inventory, supplies, furniture, electronics or appliances.
- Tenant Improvements Coverage: Might insure enhancements or changes made by tenants to their leased space.
- Exterior Signs Coverage: Might insure detached outdoor signs that aren’t already included in the building coverage.
Does business property insurance protect items when they aren’t at the property?
The protections offered by business property policies are usually limited to the insured premises. Equipment, materials and other items typically aren’t covered when they’re elsewhere (including being taken elsewhere), even though they may be when at the property.
For covering items when they’re not at a property, there are options like inland marine insurance and builders risk insurance.
Are digital assets protected by commercial property policies?
Digital assets, such as data and electronic records, are usually not protected by standard business property policies. Commercial property is normally limited to physical assets. Digital ones might be insured through a cyber insurance policy.
Can multiple properties be covered by a single business property policy?
Many business property policies are able to cover multiple properties, either within their standard terms or with an optional feature. An insurance agent who specializes in insuring commercial real estate can help businesses find coverage for multiple properties.
How much does it cost to insure a commercial building?
The premiums charged for insuring a commercial property can vary quite a lot. A property’s size, location, construction materials, proximity to the nearest fire station, installed security system, and overall value are just a few of the details that can impact cost.
To find out how much insuring a specific property will be, businesses and investors can get quotes from an independent insurance agent. Independent agents are able to pull quotes from several insurance companies, because they aren’t connected to any particular one.
How can businesses get commercial property insurance for their properties?
If you need assistance insuring a building or other commercial property in upstate New York or Pennsylvania, reach out to the independent insurance agents at Tri-Town Insurance. Our agents will work with you closely, to find a commercial property insurance solution that’ll protect your property well.
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Corporate Office
Afton: 607-639-2255
Bainbridge: 607-967-2241
Elmira Heights: 607-734-1633
Endicott: 607-785-1300
Nichols: 607-699-3081
Owego: 607-687-1381
Waverly: 607-565-2808
Whitney Point: 607-692-3350
FAX: 607-687-5338
Corporate Address
192 Front St.
PO Box 417
Owego, NY 13827
Hours
Mon-Fri: 9am – 4:30pm
Evenings & Weekends by appointment
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