MA and RI Commercial Property Insurance

You’ve spent years building your business. It’s a source of income, but more than that it’s a source of pride. It serves as proof that you’ve realized or are working toward achieving your dreams. But just one theft, one fire, one catastrophe could turn your dream into a nightmare. In Massachusetts and Rhode Island, a commercial property insurance policy can protect you against these risks, and you need the right policy to cover your assets.

Commercial property insurance provides coverage for your building, store, office or shop; furniture, equipment, business inventory; outdoor signs; landscaping; additional structures; fences and much more.

At Lapointe Insurance, we know commercial property insurance. We’re your neighbors and fellow business owners, so we know the risks you face when insuring property. We’ve spent years working hard to provide protection for the businesses our staff does business with every day. We have a genuine interest in protecting your assets and everything you do to contribute to our local community.

There are three types of commercial property insurance policies in Massachusetts and Rhode Island. Basic policies cover only simple risks like fires and storms. A broad form policy extends that coverage to water damage, structural collapse, damage caused by ice, sleet or snow, sprinkler leaks, and more. The third and most comprehensive type of policy is the special form commercial property policy. These special form policies cover everything except floods, earthquakes, war, terrorism, nuclear disaster, inspects and normal wear and tear.

Some common Massachusetts and Rhode Island commercial property coverages are:

• Building occupied by the insured. This insures a building that you regularly use but don’t own. It’s important if you lease of borrow a building.
• Newly acquired of constructed buildings. This provides coverage for new buildings that are added in the middle of a policy term.
• Employees personal property, which protects employees stuff when it is on your premises.
• Off-premises property. To protect equipment, supplies, or other property kept off-site.
• Business interruption, to pay for lost income while you are recovering from a loss.
• Extra expense, which covers the costs associated with getting your business back up and running.
• Valuable papers. This coverage gives some protection for business records or other valuable papers.
• Ordinance or law. If your building costs more to rebuild now because building codes changed since it was first built, this coverage will pay the extra cost.
• Boiler and machinery, which covers building systems like A/C, compressors, steam cookers, boilers, electric water heaters, and others.
• Inland marine. This covers goods in transit by land, air, or inland waterways in addition to unfinished projects and more.

For Massachusetts and Rhode Island businesses, commercial property policies provide replacement cost coverage, actual cash value coverage, or a combination of the two. Replacement cost coverage pays to rebuild or repair your property like-new. It’s not the same as market value and doesn’t include the value of your land. On the other hand, Actual cash value policies pay the price of your property, minus depreciation. If your business is destroyed, actual cash value will likely only pay a portion of what it costs to rebuild.

At Lapointe insurance we know that each business is different. As an independent insurance agency, we have access to a variety of top-rated insurance carriers to choose from and we will customize your insurance coverage to meet your business’ unique needs. Give us a call, stop by our office, or fill out a form on our website to start the conversation.