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Are There Different Types of Commercial Property Insurance?

As a commercial property owner in Florida, you know having the right insurance in place is vital to protect your investment. However, did you know that there are actually a few different types of property insurance available? The Balance offers the following information on the differences between property coverage, which can help you find the best policy for your needs.

Direct Damage Insurance

Direct damage is a type of baseline insurance coverage that every property owner should have. Simply put, direct damage insurance covers damage to or a complete loss of property, provided that the cause of damage is included in the terms of the insurance contract. Coverage can also extend beyond the physical structure itself. For instance, a policy might cover equipment used during the course of business, office furniture, merchandise, and other business-related items. Direct damage can be purchase as a separate policy, or offered in a general liability package.  

Time Element Coverage

Time element insurance uses how long it takes to make repairs to calculate loss amounts (as opposed to using the total value of damage). If you have a business income policy, your earnings will be covered if your business is forced to shut down due a pre-specified reason. There are also policies that can cover unexpected expenses you incur after a loss, as well as those that provide coverage for a lease cancellation stemming from physical damage to a property where you're doing business.

Crime Coverage

While theft is generally covered under most commercial property policies, internal theft is not usually covered. Crime coverage can be implemented to safeguard against employee theft in this case, in addition to covering loss of money and securities in general. You can also implement a computer fraud policy, which offers protections against cyber crime or hacking.

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