Commercial Property & Liability

Safeguarding your business’s financial future with solid business insurance isn’t just smart, it’s necessary. Two crucial components of a comprehensive business insurance package are commercial property insurance and commercial liability insurance. These two lines of coverage will help protect you against loss of physical assets due to destruction or damage as well as liability claims.

Commercial Property Insurance

commercial property needing insuranceConsider all you have invested in your business. In addition to your time and dedication, you’ve invested a lot of money into your business, including for equipment, machinery, furniture, supplies and inventory. Damage or destruction to any of these components could significantly upset your business’s ability to operate—and that could seriously limit your profitability.

Commercial property insurance reimburses you for losses associated with all the assets listed above, as well as the structure of your building, the surrounding landscaping, fencing and signage. Commercial property coverage provides reimbursement in the form of the actual cash value of lost items, which takes depreciation into account, or the replacement cost value, which reimburses for the true cost of replacement or repair. Maintaining an accurate record of all your physical assets and the cost of each will help you if you ever need to file a claim.

Commercial Liability Insurance

Protecting your physical assets is important, but what if someone is injured while on your property? Without commercial liability insurance, you could be held responsible for medical bills, lost wages, court fees, and pain and suffering costs. There are different forms of liability coverage for your business:

  • Commercial general liability – Protects against most liability claims, including personal injury and property damage up to the limits of the policy
  • Commercial excess liability – When the payout limits of your commercial general liability policy have been met, excess liability coverage provides additional important protection. See our excess liability page for details.
  • Professional liability/errors and omissions – Service providers are exposed to malpractice claims. Doctors, lawyers and accountants should all have professional liability coverage to safeguard against negligence claims.
  • Cyber liability – Now, more than ever, cybercrime is a growing concern for business owners. Protect yourself with cyber liability coverage.

At the Insurance Center of Winchester, we understand that no two businesses are the same. The types of insurance protection you need depend on the risks you face on a daily basis. Contact our office at 540-667-0700, or fill out the form on this page to learn more about how our agency can help protect you.