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Commercial Property Insurance in Illinois

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What is commercial property insurance?

Investing in commercial property is a significant financial commitment for any business, and the investment should be protected. Failing to properly insure property could be financially ruinous. That’s why Illinois businesses with their own properties should strongly consider commercial property insurance.

Commercial property insurance can offer important protections for buildings and other assets that businesses own. It may protect against a variety of potential events that could cause damage or loss.

Which Illinois businesses need business property insurance?

Most Illinois businesses with commercial real estate should have business property insurance. Businesses with buildings, equipment and land all should consider coverage.

Moreover, coverage is available for a wide variety of buildings. An insurance agent who specializes in business property can help find a policy that’s well-suited for office buildings, multi-family residences, industrial facilities, healthcare buildings, retail centers and more.

There normally are plenty of policies for bare land, large or specialized equipment, and inventory too. Essentially, a useful policy can likely be found regardless of what physical assets your business has.

Commercial Property Insurance Illinois

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Commercial Property Insurance Illinois

What coverages are typically included in business property insurance?

Business property policies are able to protect such varied assets largely because they offer a variety of protections. Some potentially important coverages include:

  • Building Coverage: Might cover the main building, and sometimes other structures on the property.
  • Contents Coverage: Might cover items housed within the insured building, possibly including machinery, equipment, supplies, inventory and furnishings.
  • Tenant Improvements Coverage: Might cover alterations or additions made by a tenant to their rented space. Also known as tenant betterment coverage.
  • Exterior Signs Coverage: Might cover exterior signs promoting the business. Some policies might include this within building coverage.

An insurance agent specializing in business property can help make sure a business’s various assets are well protected.

Business property insurance generally doesn’t include liability coverage. Since each business has its own liability risks to guard against, proper liability coverage usually requires a customized approach. Various liability policies can easily be purchased along with a business property policy, but are technically a separate type of insurance.

Business property policies primarily protect physical assets, and normally don’t extend coverage to digital ones. 

Computers serve as a good example of this distinction. Business property may protect computers against damage, but not the data that’s stored on them. 

Backing up files is the best basic way to protect against loss of digital assets. A knowledgeable insurance agent can help businesses explore other insurance solutions for this risk, should additional protection be needed.

The primary focus of business property policies are the insured location, and coverage for any moveable assets mainly focuses on when those assets are located at the premises. Some policies may not offer any protection when moveable items are at other locations, and other policies might only offer very minimal protection.

If items need to be protected when they’re not at an insured premises, inland marine insurance, builders risk insurance and some others could offer the needed protection. These are all coverages that an agent who knows business property insurance should be able to assist with.

In most cases, commercial property policies can easily be customized for multiple properties. Insuring multiple properties with a single policy is often cost-effective and convenient.

Blanks Insurance

How can Illinois businesses obtain commercial property insurance?

For help insuring a business-owned property in Illinois, reach out to the independent insurance agents at Blank’s Insurance Agency. We’ve worked with many businesses in the state, and we have the expertise necessary to find you excellent commercial property insurance for your business’s buildings and other assets.

Blanks Insurance

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