Commercial Property Insurance

Serving the unique needs of businesses in Penfield and all of New York

One of the most common types of business insurance, commercial property insurance provides a wide range of coverage for buildings, inventory, equipment, tools and more. Losses from fire, break-in, vandalism, windstorm and other natural or manmade disasters are examples of what is typically covered.

A basic commercial property insurance policy may be all you need, although the types of coverage can vary between different insurance companies. As an independent agent, Michael G. Montag Insurance Agency Inc. DBA MGM Associates of Rochester can help you determine the type of insurance policy and range of coverage that is best for your business. For a full list of coverage available, or to learn more about this product, contact us today.

New York – What you need to know about commercial property insurance

Building

Do you own a commercial building? If so, do you have enough commercial property insurance to cover replacement costs? Although cost estimators are available, we recommend that you secure an appraisal from a third party to accurately determine the current replacement cost of your building. Give Michael G. Montag Insurance Agency Inc. DBA MGM Associates of Rochester a call today at 585-381-7008, and we’ll help you determine if you have enough commercial property insurance for your business.

Builders Risk

Builders Risk Policy is a property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.

Flood

Most commercial property policies exclude flood as a covered cause of loss. A separate policy must be purchased to help protect you from resulting damage. Check your current property insurance policy to be sure you are covered. If you’re unsure, just ask Michael G. Montag Insurance Agency Inc. DBA MGM Associates of Rochester to review your coverage, and we’ll help you find the best solution.

Business Personal Property

Business personal property insurance covers property at a specified location for furniture, fixtures, equipment and inventory. Be aware that most commercial property policies have very limited coverage for property taken off the specified location. If you have equipment that is frequently taken off-site to various locations, it is important that you have an inland marine policy (equipment or installation floater).

Business Income (Business Interruption Coverage)

This coverage reimburses a business owner for lost profits and fixed expenses during the time that a business is closed. It applies while the premises are being restored because of damage from an event, such as a fire. Business income insurance may also cover financial losses that occur if civil authorities limit customer access to your neighborhood or business after a disaster. Michael G. Montag Insurance Agency Inc. DBA MGM Associates of Rochester strongly recommends that all businesses acquire this coverage.

Electronic Data Processing (EDP)

This coverage is separate property coverage specifically designed to help protect your computer related equipment. Most commercial property policies have limited coverage for computer networks. EDP broadens the causes of loss to include things like power surges and in some cases virus attacks.

Based in New York, Michael G. Montag Insurance Agency Inc. DBA MGM Associates of Rochester understands the business insurance needs of our customers. The coverage for you is unique – call us at 585-381-7008 or contact us today to find out how to help protect your business and your future with the right insurance.