Commercial property insurance pays for the building and the business property a covered cause of loss damages. In Florida the cause people plan for is wind. The cause a property policy leaves out is flood. The other pieces, builders risk, equipment breakdown, inland marine, and crime, are easy to forget until a contract or a loss names them.
What it covers
The building, on the perils in the form, up to the limit. Business personal property. Business income, if it is added, after a covered loss. Builders risk during a project. Equipment breakdown for mechanical and electrical sudden failure, if that form is attached. Inland marine for scheduled property away from the premises. Crime coverage for employee theft and some other theft of money, if you buy it. Commercial flood, on a flood policy.
What it doesn't cover
Flood, if you only bought a wind and property policy. Wear, rust, and a roof that is old. Vehicles that belong on a commercial auto policy. Employee injuries. A tool that was never scheduled, once it leaves the shop, if the form requires scheduling. Land. A finished building still sitting on a builders risk policy that has expired.
Florida specifics
Section 627.701 governs hurricane deductibles on property policies, including many commercial forms. The percentage applies to the limit, so a large building has a large deductible. Opening protection and roof condition decide whether a company will write a coastal or near-coastal address. Inland Clay County is not free of wind. It is free of storm surge, and it is not free of a creek.
A ground-floor stockroom on the Southside and a warehouse near the river should be quoted for flood even when the wind policy is the one the lender asked about.
How we help
We need the address, the construction, the year of the roof, what you store, and whether a project is underway. Photos of the roof and the electrical room help. Start a business quote and tell us you need property, or call either office. If the deadline is a closing, say so in the first sentence.