Commercial Property Insurance in Maine
Allen/Freeman/McDonnell Agency
Commercial Property Insurance
- What Is It?
- Who Needs It?
- Coverages Offered
Maine businesses often make substantial investments in their buildings, equipment, inventory and other assets. Commercial property insurance can help protect those assets against damage, theft and other risks.
The majority of businesses in Maine can benefit from business property insurance, for most businesses have at least some assets to protect. Any business that owns land, buildings,e equipment, inventory, supplies or other substantial assets should at least explore coverage options.
Building Coverage
Contents Coverage
Tenants Betterment Coverage
What is commercial property insurance?
Maine businesses often make substantial investments in their buildings, equipment, inventory and other assets. Commercial property insurance can help protect those assets against damage, theft and other risks.
Commercial property insurance policies are specialized property policies for businesses’ assets, as opposed to personal property policies that protect individuals’ assets. While there are similarities between the two types of property insurance, there also are points of difference. Namely, the terms of commercial property policies are adapted to better protect the buildings, equipment and other items that businesses have.
What Maine businesses should have business property insurance policies?
The majority of businesses in Maine can benefit from business property insurance, for most businesses have at least some assets to protect. Any business that owns land, buildings,e equipment, inventory, supplies or other substantial assets should at least explore coverage options.
Businesses that have financed or leased assets often are compelled to purchase business property insurance per the terms of their agreement. Lenders frequently include a provision to this effect so that their financial interest in the financed/leased asset is protected against loss.
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What coverages can businesses get through business property insurance policies?
Business property insurance can make a variety of coverages available, depending on what assets a business wants to protect. Some coverages that businesses may want to look for in a policy are:
- Building Coverage: Generally cover owned buildings and secondary structures
- Contents Coverage: Generally cover equipment, inventory and other items on a property
- Tenants Betterment Coverage: Generally protect build-outs tenants make in leased spaces
Still other coverages may be available. An insurance agent who knows these policies well can review all of the available coverage options with business owners.
Should home businesses have business property policies?
Not all home businesses have assets that need protection, but some certainly do. For businesses that want to insure assets, coverage may be available through home insurance policies or business property policies.
Select home insurance policies make limited coverage for business assets available. The coverage can be included as a standard protection, but it’s more frequently an add-on option.
When coverage isn’t available through a homeowners policy, a small business property policy likely is needed. Finding a suitable and affordable policy is something that a knowledgeable insurance agent can help with.
Are floods and earthquakes covered by business property policies?
Business property policies usually don’t include any protection for flood or earthquake damage. Instead, specialized policies are typically needed. Affordable flood policies are often available through the National Flood Insurance Program, for businesses that have assets in high-risk areas.
What package policies offer business property coverages?
Business property coverages can be bundled with other types of commercial insurance. Both business owners policies and commercial package policies commonly have business property protections. Business owners policies tend to be more limited package policies, while commercial package policies mostly offer greater protections.
How can Maine businesses get commercial property insurance?
For help insuring business assets that are located in Maine, contact the independent insurance agents at Allen/Freeman/McDonnell Agency. Our agents have worked with many businesses in the state that needed commercial property insurance, and we have the expertise necessary to help you insure buildings, equipment, inventory and other items properly.
