You cannot rent out or run a business out of a property without the proper coverage, but the commercial property insurance market can seem a bit intimidating to someone who does not have a lot of experience dealing with such things. Our Long Island, NY real estate litigation lawyers can answer your questions and help you protect yourself.

What is Covered Under Commercial Property Insurance?

Obviously, the primary building on your commercial property is going to be covered under your insurance policy. Other parts of your property can also be covered. This includes any fixtures, permanently installed machinery or equipment, and completed additions.

The contents of any building covered under the policy are also usually covered under the same policy. So things like equipment, inventory, and other items would be protected just like the building itself.

What Types of Damages Can Commercial Property Insurance Protect Me From?

A commercial property insurance policy usually comes with one of two coverage types. There are named peril policies that protect your property from any kind of danger that is named in the policy itself. Then there are open peril policies that can cover any risks aside from exceptions that are included in the policy. Depending on the specifics of your policy, you could be protected from threats like:

  • Theft
  • Vandalism
  • Fire
  • Natural disasters
  • Lightning
  • Extreme wind
  • Hail
  • Civil commotions or riots
  • Damage from aircraft or vehicles
  • Vandalism
  • A sinkhole collapse
  • Water damage from leaking sprinklers

Can I Add More Types of Coverage for My Property?

Just as there are extra types of car insurance coverage to opt for aside from the state-mandated minimums, there are also additional types of coverage available for your commercial property. Some of these options include:

Business interruption coverage: This can reimburse your business for any income it lost and expenses it had to deal with as a result of a covered hazard.

Flood coverage: Flooding is sometimes not an explicitly covered peril in a commercial property insurance policy. You will probably need this extra coverage if you are worried about hurricanes or water damage.

Earthquake coverage: Many standard policies do not include a provision for earthquakes, so it is probably going to cost you extra to protect yourself from this kind of damage. Earthquakes are not a common occurrence in NY, but if you have properties elsewhere it is wise to look into what your policy covers and if you will need supplementary coverage.

Talk to an Experienced Real Estate Lawyer to Learn More

If you have any questions about how you can protect your business and your property, contact David A. Gallo & Associates, LLP. We can schedule a consultation and tell you more about how to find the best possible commercial property insurance policy.