Commercial Property Insurance in Massachusetts

What is Commercial Property Insurance?

Just as residents should generally insure any buildings they own, businesses likewise normally ought to insure buildings and other property that they own. Commercial property insurance is specially designed to help Massachusetts businesses insure their buildings and property.

Commercial property insurance is a unique form of property coverage that’s been adjusted to meet the unique needs of businesses. Although policies may be similar to personal property insurance policies (e.g. homeowners policies) at points, there are substantial differences between commercial and personal property insurance.

Commercial Property Insurance Massachusetts

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What Businesses in Massachusetts Need Business Property Policies?

Most businesses in Massachusetts that have buildings or other property can benefit from getting business property insurance. Businesses with loans on their property may be required by the terms of their loan to procure a minimum amount of coverage, and those that don’t technically need coverage often still purchase it so that their assets are protected against covered disasters.

In certain situations, businesses that lease their facilities rather than own them might still want to purchase business property insurance. Sometimes policies can be adapted to cover equipment and gear in addition to (or instead of) buildings.

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Should Owners of Home Businesses Purchase a Business Property Policy?

Whether owners of home businesses need a business property policy depends largely on what coverages their homeowners insurance provides.

Some homeowners insurance policies include coverage for home offices, and this coverage might be all that a home business needs. Not every homeowners insurance policy covers home offices, though, and those that do may afford only basic protections for the office.

Business owners whose homeowners policies don’t provide enough protection for their home office might need to purchase a separate business property policy that offers more robust coverage for a home office.

An insurance agent who’s familiar with both homeowners policies and business property policies can help owners of home businesses determine how much coverage they need for their home office and what the best way to procure that coverage is.

Commercial Property Insurance Massachusetts

What Protections Do Business Property Policies Provide?

Business property policies can offer a range of projections, but there are two coverages that are especially common:

  • Building Coverage, which might cover buildings and secondary structures on a property
  • Contents Coverage, which might cover inventory and equipment on a property

Notably, most business property policies don’t include liability coverage. Businesses that need liability coverage typically have to purchase liability-specific policies, such as general liability insurance and other liability insurances. This is one of the places where business property policies diverge from homeowners policies, which frequently do come with liability coverage.

Can Businesses Bundle Business Property Policies?

Business property policies usually can be purchased on their own or bundled with other commercial insurance policies. Both business owners policies and commercial package policies may include business property coverage alongside other protections.

For businesses that need business property coverage and other commercial insurance protections, one of the bundled policies is often the most affordable way to purchase all required coverages. BOPs and CPPs frequently discount premiums for the coverages they provide because the coverages are bundled together.

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How Can Businesses in Massachusetts Get Quotes for Commercial Property Insurance?

If your business needs commercial property insurance for one or more assets that are in Massachusetts, contact the independent insurance agents at Scotti Insurance Agency. Our team is able to help you get quotes for stand-alone business property insurance policies, business owners policies and commercial package policies, and they can help you compare the options to determine which one offers the best protection for your business’ property.

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