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Home > Blog > Is Commercial Property Insurance Required?
FRIDAY, MARCH 26, 2021

Is Commercial Property Insurance Required?

Although important and recommended, commercial property insurance isn’t typically required by state or federal law. Instead, you may be required to carry commercial property insurance if you are renting or leasing a location. Your landlord or property owner may require you to carry insurance in order to cover the property from damages.a dining room table 

Why Do You Need Commercial Property Insurance? 

Aside from requirements, commercial property insurance is crucial in order to keep the physical location of your business and its contents protected.  

Without this insurance, you may face paying to repair or rebuild your business out of pocket. This can be especially difficult for small businesses that do not have a heavy financial cushion in case of accidents. 

What Does Commercial Property Insurance Cover? 

This insurance can provide compensation for damages to your business’ physical assets caused by fire, wind, hail, lightning, smoke, falling objects, theft, vandalism and more. This can cover the physical location such as a store or office as well as contents such as equipment, furniture, decoration and more. 

You can also purchase additional types of commercial property insurance to cover different dangers and items. You may need additional insurance for expensive items and equipment along with products. Property insurance you may consider include: 

  • Equipment Breakdown Insurance: Equipment breakdown insurance provides compensation for equipment that suddenly breaks down. This is especially useful for businesses that depend heavily on expensive equipment, such as restaurant freezers and refrigerators. 

  • Commercial Auto Insurance: Commercial auto insurance covers commercial vehicles owned or used by the business for work purposes. If your business transports equipment, products or people, you will need this insurance to cover the driver, passengers and your business in case of an accident. These insurance policies can include much of the same coverage as a personal auto insurance policy such as comprehensive coverage, collision coverage, liability, medical payments coverage and uninsured/underinsured motorist coverage. 

  • Sewer Backup Insurance: Sewer backup insurance helps cover flood and water damage caused by sewer backup in your physical location. Most water damage is excluded from basic commercial property insurance policies, so be sure to speak with your insurance agent about adding additional coverage. 


If you have any questions about coverage you need to protect your commercial property, ask your insurance agent about coverage appropriate for your property. The more property your business uses or own, the more coverage you may need in case of an accident. 
Posted 10:21 AM

Tags: commercial, property, insurance, coverage, equipment, auto, storefront
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