Commercial Property Insurance in Texas

What is commercial property insurance?

Owning a commercial building is no small investment, and neither is major equipment or extensive inventory. To help Texas businesses protect the assets that they invest in, there’s commercial property insurance.

Commercial property insurance offers coverage options for assets that businesses own. It may help protect buildings or other assets against fire, theft, vandalism, weather, or other perils.

When do Texas businesses need to have business property insurance?

Business property insurance is generally recommended anytime that a business invests in a significant asset. Most Texas businesses should consider some form of coverage.

When financing or leasing, lenders often require coverage for the financed asset. Businesses should base their coverage selection not just on lender requirements, however, but more so on their own risk mitigation needs.

What kinds of buildings do business property policies cover?

Business property policies are available for most buildings that businesses would own. It’s usually easy to find a policy for:

• Restaurant buildings and coffee houses
• Retail stores, malls, and strip malls
• Offices, workshops, and studios
• Warehouses, distribution centers, and garages
• Manufacturing facilities and agricultural buildings
• Hospitals, schools, and government buildings
• Multi-unit residential properties
• Most other commercial buildings

In certain situations, one of these policies might be used to insure undeveloped land.

What business property insurance coverages are available?

In order to protect different assets, business property policies can offer several distinct coverages. These may include:

• Building Coverage: Normally protects the main structure on an insured property. Might also extend coverage to additional structures on the property.
• Contents Coverage: Normally protects movable items located at the insured property, whether they are inside or outside a building. Might extend coverage to items like machinery, appliances, inventory, furniture, computers, and more.
• Exterior Signs Coverage: Normally protects freestanding outdoor signs that aren’t physically attached to the primary building. This coverage might not be required if building coverage already applies to detached signs.
• Tenant Improvements Coverage: Normally protects alterations and upgrades made by tenants in a leased commercial space. Might cover most aspects of a build-out.

Do property policies come with liability protections?

Typically, business property policies focus on insuring physical assets and don’t include liability coverage. Businesses often combine property and liability coverages, in a broader package policy, for more extensive protection.

Do business property insurance policies cover digital assets that businesses have?

Commercial property policies usually don’t cover digital assets. Policies are mainly for physical assets, such as buildings, equipment, and inventory. Cyber insurance policies may be better suited for protecting digital assets, like data and software.

Do business property insurance policies cover equipment and inventory off-site?

Any contents coverage in a business property policy generally applies to items only when they’re at the business premises. Coverage for off-site equipment usually requires additional protections, like inland marine or builders risk coverage.

Can businesses insure several locations with a single business property policy?

A single commercial property policy can often cover multiple business locations. An insurance agent specializing in business property can assist with finding a policy that’ll cover several different locations.

How much does insuring a commercial building cost?

The premium charged for insuring buildings varies as much as the buildings themselves do. Location, building size, construction type, and installed safety features are just some of the things insurance companies consider when calculating premiums.

Comparing quotes from different insurers can provide a clear idea of how much insuring a specific property will be. An independent insurance agent can request quotes from several insurance companies.

How can businesses with properties in Texas get commercial property insurance?

If you need help insuring a building or other property in Texas, reach out to the independent insurance agents at Steve White Insurance. We’ve worked with many businesses on insuring assets, and we’ll make sure you find commercial property insurance that protects your building, equipment, or inventory well.