Commercial Property Insurance

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Why do I need commercial property insurance?

Do you own your office equipment and need to make sure it is protected? Our business equipment insurance protects your computers, servers, office furniture and other business property against loss or damage.

What is covered?

  • Business equipment
  • Tenant improvements
  • Coverage in and away from the office
  • Accidental damage
  • Personal effects
  • Lost business income and extra expense
  • Electronic data
  • Interruption of computer operations
  • Valuable papers and records
  • Forgery or alteration
  • Accounts receivable
  • No deductions for depreciation

 

What is not covered?

  • Earthquakes, floods and volcanoes
  • Dishonesty
  • Utilities
  • Errors or omissions
  • Computer testing, installation or repair

Hiscox business property and equipment insurance does cover:

Business equipment

Business equipment, including computers, printers, copiers, and office furniture, as well as any specialized equipment you use in the course of your business. A coverage limit of $10,000 is automatically provided as part of your Business Owner’s Policy, and you can insure up to $25,000. 

Example: An IT consultant rents an office in an office building. One weekend, there was a fire in the building and their server and printer were damaged beyond repair. The consultant was covered by a Hiscox commercial property insurance policy, which paid to replace the equipment and get the consultant back to work.  

Tenant improvements

Commercial property insurance covers improvements you have made to office space that you rent which cannot be removed. This may include partitions, built-in storage, carpeting, permanent window treatments, and so on.  

Example: A therapist had installed carpeting and expensive window treatments in an office they rented. When there was a fire in the building, these items were destroyed. The therapist’s Hiscox commercial property insurance policy covered the loss and paid for replacement carpeting and window treatments.  

Coverage in and away from the office

Your business equipment is covered whether it is in your office or you take it with you on the road. This can include computer equipment, audio visual equipment, trade show booths, and more. Equipment that is taken out of the office has a coverage limit between $10,000 and $25,000.  

Example: A photographer has an elaborate booth at a bridal show. While at the show, a television screen used to showcase the photographer’s photos falls and cracks. Even though the television was not at the photographer’s studio, Hiscox’s commercial property insurance as part of the Business Owner’s Policy would cover the cost to replace the television. 

Accidental damage

Commercial property insurance provides coverage for accidental damage to property.  

Example: A graphic designer put their laptop computer on the roof of their car so they could answer a phone call while getting in the car. Distracted by the call, they left the computer on the car and drove off. The computer fell off the car and was run over by a following car. The designer’s Hiscox commercial property insurance policy covered the cost of replacing the laptop.  

Personal effects

In addition to coverage for your business equipment, a commercial property policy provides up to $2,500 in coverage, per premise, for personal items that are damaged or destroyed by theft.  

Example:  An employee at an advertising agency leaves her purse in her desk. She has her engagement ring in her purse because she was waiting to going to bring it to a jeweler to get sized at lunch. While she is at a meeting in the office, someone goes into her purse and steals the ring. Hiscox would cover up to $2,500 of the value of the ring under commercial property insurance. 

Lost business income and extra expense

Your Hiscox commercial insurance policy will pay for lost income and extra expenses for up to 12 months in the event you cannot operate your business due to damage to your insured equipment after a 72-hour wait period. Includes coverage for up to 60 days of ongoing employee payroll expenses.  

Example: A tax accountant suffered the loss of her computer that has her tax software on it when her office caught fire. It took several weeks for the computer and the software to be replaced during the height of her busy season. The accountant’s Hiscox commercial property insurance policy paid for the replacement the equipment as well as covering the lost income and payroll expenses during the time the company was unable to provide its services after a 72-hour waiting period.  

Electronic data

Your Hiscox commercial insurance policy includes up to $10,000 of coverage to restore or replace electronic data that is lost due to an insured loss, which includes loss caused by a virus or malicious code. An increased coverage limit is available with our electronic data loss insurance upgrade package.  

Example: A marriage therapist’s computer system was hacked and infected with malicious code, causing the destruction of their records. Their Hiscox commercial property insurance policy covered the cost to restore the information from paper copies.  

Interruption of computer operations

As part of an electronic data loss as described above, we will cover up to $10,000 for lost business income and extra expenses incurred if you cannot operate your business due to the data loss. This coverage limit can be increased with the purchase of our electronic data loss upgrade package.  

Example: A mortgage brokerage suffered a ransomware attack and was unable to access its data on clients. The company’s policy covered the lost income for the three-day period the company could not operate, as well as the cost to restore the data. 

Valuable papers and records

Valuable papers and records are covered for up to $10,000 at your business premises and up to $5,000 away from the premises. This includes coverage for loss or damage.  

Example: A law firm loses multiple boxes of files, including birth, marriage, and death certificates, when the building its office is located in catches fire. The firm is covered for the costs to obtain new certified copies of these documents.  

Forgery or alteration

Your Hiscox commercial insurance policy includes up to $2,500 of coverage for losses resulting from the forgery or alteration of a check or similar financial document. If you’re sued for failing to pay a financial document that was forged, we will defend you at our expense, in addition to this limit. You can increase this limit with our commercial crime insurance package upgrade. 

Example: A financial advisor’s office is broken into and the company’s checkbook is stolen. Before the loss is discovered, several checks are written and honored by the bank. The advisor’s policy covers the loss of funds.  

Accounts receivable

If damage to your records renders you unable to collect from your customers, we will cover your lost revenue and extra collection expenses. We’ll pay up to $10,000 if the loss occurred at your business premises and up to $5,000 if it occurred elsewhere.  

Example: An interior decorating firm lost its paper records, including purchase receipts and invoices in a fire. The company had to re-create the records, some of which were receipts from artisans for one-of-a-kind items. The firm’s policy covered the costs associated with re-creating the receipts and collecting the invoices.  

Replace Like for Like

Your Hiscox commercial insurance policy values most property at its replacement cost.  Items like electronics may be replaced based on depreciated value. Items that appreciate like art or antiques may be paid at value higher value. 

Example: A partner at a law firm that specializes in entertainment law has a collection antique scripts of Broadway musicals in the lobby of his office. One night, a burglar broke in to the office and stole these rare antiques. The law firm’s commercial insurance policy covered the cost of replacing the antiques at their present day value, which was higher than what they cost to purchase. 


Business property and equipment insurance does not cover:

The following describes some of the key things we don’t cover:

Earthquakes, floods and volcanoes

Business property insurance doesn’t cover you for losses caused by earthquakes, floods or volcanoes.

Dishonesty

We won’t cover you for dishonest or criminal acts committed by you or your employees. Destruction of property by your employees may be covered, but theft by your employees is not. You may obtain coverage for employee theft by purchasing our commercial crime package upgrade.

Utilities

Your commercial property insurance will not cover losses due to the failure of a power, communication or another utility service supplier.

Errors or omissions

Hiscox won’t cover any losses due to mistakes in the programming, processing or storage of electronic data or valuable papers and records.

Computer testing, installation or repair

Any losses due to mistakes in the design, installation, testing, maintenance or modification of your computer systems are not covered.

Get Liability Insurance that best meets your needs

  • General
    Liability

    The basic protection for claims against your business.

  • Professional
    Liability (E&O)

    Protection for specific risks in your field.

  • Business
    Owners Policy

    General Liability plus coverage for property.

  • Cyber
    Security

    Protection from cyber-related security risks.

  • Short-Term
    Liability

    Purchase coverage for a specific period of time.

  • More
    Coverages

    Workers Comp, Umbrella, Auto, Directors and Officers, and more.

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Why over 300,000 small businesses choose Hiscox

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Workers compensation insurance is subject to underwriting guidelines. Not available for all classes of business.

This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply any claim is covered. Underwritten by Hiscox Insurance Company Inc., 104 South Michigan Avenue, Suite 600, Chicago IL 60603. Administered by Hiscox Inc., doing business in CA as Hiscox Insurance Agency.