Commercial Property Insurance in Massachusetts

What is Commercial Property Insurance?

Running a business in Massachusetts requires a lot of things. A space to operate, inventory, furniture, computers, and other equipment are just the tip of the iceberg. With so much invested into your business property, you need to protect it. Commercial property insurance can help provide financial protections against fire, storm damage, theft, and other events to help you recover if your property is stolen, damaged, or destroyed. 

Insurance experts in Massachusetts and across the country agree that commercial property insurance is a policy that many companies need. When your business suffers a loss, your ability to quickly recover can determine the future of your business. A commercial property policy can help pay for furniture, equipment, document recovery, and more to facilitate a speedy return to business operations.

Commercial property is broadly considered to be all physical items related to the operations of your business. This can include:

- The physical structure of your office building
- Signage
- Furniture
- Computers
- Tools
- Industry-specific equipment
- Inventory
- Customer’s property within your business space
- Records and documents

Vehicles, cash, and other certain other items are typically excluded from property insurance coverage.

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What Events are Covered With Commercial Property Insurance?

Your property insurance policy should cover the most common risks you face. With the unpredictable weather in MA, you should make sure you have adequate coverage for wind, lightning, hail, and other storm damage that can occur throughout the year. Coverage commonly includes events such as:

- Fire
- Explosions
- Smoke damage
- Wind damage
- Lightning, hail, and other storm damage
- Falling debris
- Theft and vandalism
- Water damage from broken pipes or sprinkler systems
- Terrorism

Important to note -- Flooding, earthquakes, and power disruptions are often not covered under a basic policy and need separate coverage. 

Additional INFORMATION For Massachusetts Businesses

If you rent your business space, you should carefully consult your lease with your insurance agent to understand your insurance obligations. In some cases, you can be held responsible for damage to the structure, while other times it will be covered by the landlord’s policy.

When purchasing a policy, you often can choose between replacement cost value and actual cash value insurance. An actual cash value policy will typically pay less in the event of a loss, but also has a lower premium. You should carefully consider your assets and finances to help determine which policy is right for you.

Start The Conversation!As a Massachusetts business owner, your business property can be one of your most valuable assets. From the structure you work in, to your inventory and important documents, replacing your property after a fire, theft, or other disaster is essential to your company’s recovery. Commercial property insurance helps cover the costs for repair and replacement of your belongings to help get your business up and running again.

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Roger Butler Insurance
5 Court Street
Westfield, MA 01085
Phone: 413-562-2304
Fax: 413-568-6708

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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