Commercial Property Insurance

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Commercial property insurance can help protect the physical assets you need to operate your business, including:

• Inventory
• Business equipment and furniture
• Brick-and-mortar structures

Your insurance coverage could provide financial help if your property is damaged by:

• Water
• Fire
• Wind
• Vandalism
• And other risks

Even if you rent a space and don’t own the building where you work, you may need insurance to help protect what’s inside and avoid a large financial loss.

After you purchase commercial property insurance, you could file a claim to get help with replacement or repair costs for damaged property after a covered event.

It’s important to note that your policy document will describe specifically what property damage your insurance will cover and any exclusions — be sure to read it carefully.

If you have to file a claim, you’ll work with a claims specialist who will assist you in resolving it as soon as possible.

Most NEXT policies have a $500 deductible that must be paid before your insurance coverage comes into play.

We strive to make claims decisions within 48 hours.

Commercial property insurance can cost as little as $17 a month for some low-risk businesses.

That total value of your business property and your operations will be factors in determining the exact price you’ll pay. When you get a quote, you’ll be asked about:

• The type of work you do
• The value of your business property
• Number of employees
• The state where you work
• Your claims history
• How high you set your limits
• Your work experience

Commercial property insurance can protect small business owners who rely on equipment, inventory or furniture to do business.

It can provide financial help if you:

• Run your business out of a physical location, such as a leased or owned office, store, garage or your home
• Own or lease equipment or inventory that could get stolen or damaged
• Would have to close your business if your property is destroyed or broken

The amount of coverage you’ll need for commercial property insurance depends on your business and specific needs. Every business is unique and has its own set of variables, such as:

It’s important to know the estimated value of the property you would like to protect with your commercial property insurance. You can choose your coverage limit based on the value of the property you want insured.

Where is the business located? Rates might be higher or lower depending on where your business is located.

This refers to the actual building itself and how it was made. New or upgraded structures can sometimes reduce rates.

Fire-retardant materials, sprinklers and alarms can help reduce rates. It can also help if the building is close to a fire station or hydrant.

What the building is used for determines who is in there on a daily basis. A lot of employees or customers usually indicate higher risk — and therefore potentially higher rates.