Understanding Commercial Property Insurance | Paradiso Insurance

When starting your own business, there are several things that you must consider, including property insurance. But why do you need commercial property insurance, what is commercial property insurance, and what does this kind of policy usually cover? 

To put it simply, this type of insurance pays for the repair or replacement of specific company assets in case of fire, theft or vandalism. It’s vital since many small companies and startups don’t have the funds to replace lost assets.

Keep reading as we go into more detail about what Commercial Property Insurance In Connecticut has to offer. 

Commercial Property Insurance: What Is Covered 

Before committing to a commercial property insurance policy, you might be wondering what you’ll be paying for or, in other words, what type of things will be covered by your newly acquired policy and how much this will cost. 

Commercial property insurance covers damage or loss to business structures, buildings, equipment, furniture, inventory, supplies, and fixtures. In addition, it may also help you pay to fix or replace stolen, damaged, or destroyed property, including if someone else has left their equipment or property with you and expects you to take care of it. 

The price of a commercial insurance policy varies. The price that you will pay for your insurance will ultimately be affected by a number of factors including your covered property’s worth, your business’s location, and your selected coverage limit and deductible.

Connecticut Commercial Property Insurance Types

There are three types of commercial property insurance policies in Connecticut. The three types are:

  • Basic property insurance policies will cover events such as fires and storms.
  • Broad-form property insurance policies cover natural events such as fires and storms in addition to water damage, building collapse, sprinkler leaks, ice, sleet, and snow damage.
  • Special form property insurance policies usually cover a wide range of events and will specify any exclusions. Floods, earthquakes, conflict, terrorism, nuclear disasters, wear and tear, and insects are common exclusions.

Most Connecticut commercial property insurance policies will provide cover for the following: 

  • Rented properties or buildings that you occupy.
  • Off-site properties. 
  • Recently bought or built properties that are added to the policy within a certain period of time. 
  • Personal belongings of employees on your premises. 
  • Covered business interruption that prevents you from operating your business and results in a loss of income. 
  • Limited coverage for and valuable business papers and business records. 
  • Repairing or rebuilding your business to meet current building codes. 
  • Goods that are in transit. 
  • Various machinery, such as boilers, air conditioners, compressors, electric water heaters and steam cookers.

Connecticut commercial property insurance offers policies that provide cash value cover, replacement cost cover or a combination of cash value and replacement cost coverage. Speak to an insurance agent to discuss the best option for you. 

Paradiso Insurance: Your Trusted CT Insurance Agency

At Paradiso Insurance, we understand that no two companies have exactly the same needs or circumstances. As an independent insurance broker, we can help you choose top-rated insurance providers and design coverage to suit the unique requirements of your business, now and in the future.

Don’t hesitate to contact one of our insurance experts today.


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