Commercial Property Insurance in Massachusetts

We provide commercial property insurance solutions to residents of Massachusetts, New Hampshire and Maine.

Commercial Property Insurance Massachusetts

What is commercial property insurance? 

Commercial properties require substantial investments, and it’s important to protect a property once purchased. An important component of protecting a commercial property in Massachusetts is getting commercial property insurance.

Commercial property insurance provides tailored coverage for investment and business properties. Policies can protect these properties against a range of risks that could cause damage or total loss.

Which businesses in Massachusetts should have business property insurance?

Most businesses and investors holding commercial properties in Massachusetts probably should insure their property with business property insurance. Not insuring can lead to major losses.

Of course, it’s easy to insure most types of commercial property that businesses and investors might own. Policies are readily available for multi-family residential, retail, office, industrial, and other properties. In some cases, coverage can also be purchased for major equipment or machinery.

When properties or equipment are financed, certain insurance coverages are often required by the lender. Businesses and investors generally should insure regardless of whether an investor requires it, though.

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What do business property policies cover?

The coverages included in business property policies can differ from one policy to the next, but most offer multiple coverages that can protect a property well. Some frequently included coverages are:

  • Building Coverage: May provide coverage for the primary building on an insured property, as well as potential additional structures on the premises.
  • Contents Coverage: May provide coverage for items kept at the insured location, possibly including equipment, supplies, product inventory, furniture, electronics and more.
  • Exterior Signs Coverage: May provide coverage for outdoor signs promoting the business. Some policies might include these signs under building coverage, while others categorize them under exterior signs coverage.
  • Tenant Improvements Coverage: May provide coverage for modifications made by tenants to their leased business space; also known as tenants betterment coverage.

Do business property policies include liability protection? 

Liability risks, which are situations where a business could face potential lawsuits, are typically not covered by business property policies. Liability risks are varied across businesses and industries, and therefore usually covered under specific types of liability insurance coverages. 

Commercial Property Insurance Massachusetts

Are digital assets protected under business property insurance?

Business property insurance primarily protects tangible assets, typically offering little or no protection for digital assets. A policy would likely cover a computer, but probably not the data stored on the computer’s hard drive.

Businesses that need coverage for digital assets should work with a knowledgeable insurance agent, who can check what’s available.

Are assets covered by business property policies when not at a business’s location?

Business property policies generally insure equipment, product inventory and other items only when they’re at a business’s location. There’s often little or no protection when items are at other locations or being moved between locations.

If coverage is needed for when items are away from a business’s main location, inland marine insurance, builders risk insurance and other options are available. These are all insurance coverages that a knowledgeable agent can assist with.

Can multiple properties be covered under one business property policy?

Many business property insurance policies can be adapted to insure multiple properties. This is often the most cost-effective way to insure two or more locations.

An insurance agent specializing in business property policies can help make sure multiple locations are all properly insured.

How much does it cost to insure a commercial property?

The cost of insuring a commercial property depends largely on the property in question. Its location, number of buildings, building sizes, security systems, general use and other details all impact premiums.

To find out how much it’ll cost to insure a specific property, businesses and investors can compare options with an independent insurance agent. As these agents aren’t tied to a single insurer, they can check policy options from various providers.

Where can businesses in Massachusetts get commercial property insurance? 

For help insuring a commercial property located in Massachusetts, contact the independent insurance agents at Michaud Insurance Agency. Our agents have assisted many businesses, and we’ll make sure to get commercial property insurance that’ll protect your business’s property well.

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Michaud Insurance Agency

For questions or concerns, please contact our independent insurance agents.

Office: 95 Ayer Street Methuen, MA 01844
Phone: 978.685.2549
Fax: 978.794.0822