Connecticut Commercial Property Insurance
Your business is your pride and joy. Your baby. An important and public representation that you’ve realized or are working toward achieving The American Dream. But it takes just one fire, one theft, one disaster, and that dream could turn into a nightmare. In Connecticut, a commercial property insurance policy can protect you from losses associated with such events, and you need the right policy in place to protect your valuable assets.
We have specialist advisors in all areas of our business, as well as fantastic support staff who will be able to help you if your advisor is unavailable when you make contact.
Commercial property insurance covers a variety of things: your building, office or shop; equipment, furniture and fixtures; business inventory; outdoor signs; landscaping and fencing; additional structures; and a lot more.
At Paradiso Insurance, we know commercial property insurance. We know our hometown risks. And we work hard to protect the firms our employees do business with every day, because you contribute to the vitality and vibrancy of our local communities.
There are three primary types of Connecticut commercial property policies. Basic policies cover things like fires and storms. Broad-form policies cover that, plus water damage, structural collapse, sprinkler leaks, damage cause by ice, sleet or weight of snow, and more. Special form policies cover anything except what they specifically exclude; some common exclusions include damage from floods, earthquakes, war, terrorism, nuclear disaster, wear and tear, and insects.
Typical Connecticut commercial property coverages—some are in a standard policy and some must be added—include:
- Building occupied by the insured. This insures a building you regularly use but don’t own. It’s important if you lease or borrow a building.
- Newly acquired or constructed buildings. This covers new buildings added to a policy within a certain amount of time.
- Employees’ personal property. This protects your employees’ personal property if it’s on your premises.
- Off-premises property. This protects your property located off-site.
- Business interruption. This pays for income you’d lose if your business suffers a covered loss that prevents you from conducting business as usual.
- Extra expense. This pays added costs to return your business to normal after it’s damaged.
- Valuable papers. This provides limited coverage for business records and other valuable papers.
- Ordinance or law. This pays extra costs to repair or rebuild a facility to current building codes after it’s damaged.
- Boiler and machinery. This covers boilers, air conditioning units, compressors, steam cookers, electric water heaters, and similar machinery.
- Inland marine. This insures goods in transit by land, air, or inland waterways, as well as projects under construction and more.
In Connecticut, commercial property policies provide replacement cost coverage, actual cash value coverage, or a combination of the two. Replacement cost coverage pays to rebuild or repair your property based on current construction costs. It’s not the same as market value and doesn’t include the value of your land. Actual cash value coverage policies pay to rebuild or replace your property minus depreciation. If your business is destroyed, actual cash value coverage may not pay to completely rebuild.
We recognize that no two businesses are exactly alike. As an independent insurance agency, we have a wide selection of top-rated insurance carriers to choose from and we can help tailor customized coverage that specifically meets your firm’s unique needs both today and as it evolves. Call us, stop by our Main Street office, or use the request form to find the best protection you can get at the right price.
Coverages to Consider
At Paradiso Insurance we understand how this important protection can help you avoid costs associated with workplace injuries. And we’re experts at finding the right coverage for your business.
We’ll show you the various options that exist to keep you protected and put together a program with one of the dozens of top-notch insurance companies we work with that best fits your particular needs.
If your firm uses technology in the course of conducting business, you face a cyber risk. The best thing you can do is understand your risks and make sure your business is properly protected.