Commercial Property Insurance
Serving the unique needs of businesses in Maine & New Hampshire
One of the most common types of business insurance, commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.
What you need to know about commercial property insurance
Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? We can help you determine reconstruction value through a cost estimating system based on the size and construction type of your specific building. Give Spence & Mathews a call today at 800-595-2565, and we’ll help you determine if you have enough commercial property insurance for your business.
Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask Spence & Mathews to review your coverage, and we’ll help you find the best solution.
Business Personal Property
Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).
Business Income (Business Interruption Coverage)
This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. Spence & Mathews strongly recommends that all businesses acquire this coverage.
Electronic Data Processing (EDP)
This coverage is separate property coverage specifically designed to protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.
Spence & Mathews understands the business insurance needs of our customers. The right coverage for you is unique – call us at 800-595-2565 or email us today to find out how to protect your business and your future with the right insurance.