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Businesses that have commercial properties have made significant financial investments in their

properties, and the businesses are often dependent upon the properties in some way. For these
reasons, it's imperative that businesses protect their properties. Commercial property insurance gives
businesses in Massachusetts a way to protect their properties against a number of perils.

Commercial property insurance policies are similar to homeowners policies , except they're designed to
insure business properties rather than single-family homes. They may contain more coverages and/or
higher limits than homeowners policies because commercial properties frequently are worth more than
single-family homes.

What Businesses in Massachusetts Need Business Property Insurance?

Most businesses that own commercial property in Massachusetts ought to consider getting business
property insurance. In some cases, businesses may be required by the terms of a loan or lease to carry
coverage. When coverage isn't compulsory, it's often still a good idea to procure coverage since few
businesses have the resources to completely rebuild their properties.

Additionally, commercial properties aren't just for businesses that own buildings and land. Businesses
that have equipment, inventory and supplies may want a business property policy to insure these items.

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What Coverages Does Business Property Insurance Offer?

While coverages can vary from policy to policy, most business property policies have two main

Buildings Coverage, which typically provides protection for commercial buildings

Contents Coverage, which typically provides coverage for equipment, inventory, supplies and similar

Businesses may choose to supplement these coverages with additional, more specific coverages. The
other coverages that are available depend on what a particular insurer offers.

Does Business Property Insurance Include Liability Coverage?

Business property policies normally don't include liability coverage because businesses have diverse
liability coverage needs. To get the liability protections they need, businesses usually purchase general
liability insurance and/or other liability policies.

Does Business Property Insurance Cover Floods and Earthquakes?

In general, business property policies don't include floods and earthquakes among their standard
protections. Some policies may offer these protections as an optional add-on. If a policy doesn't offer
flood and earthquake coverage as an option, a separate policy may be needed to obtain protection
against these risks.

What is the Difference Between an Open-Perils and a Closed-Perils Policy?

Most commercial property policies are either open-perils or closed-perils policies. Open-perils policies
normally cover any risks that aren't specifically excluded in the policy's paperwork. Closed-perils policies
typically only cover risks that are listed in their paperwork. As a broad rule (to which there are
exceptions), open-perils policies tend to offer more robust coverage than closed-perils policies.

What Factors Affect Commercial Property Policies' Premiums?

Insurance companies consider many factors when calculating commercial property policies' premiums.
In addition to the coverages and limits that a business selects, an insurer may take into account:

The location and construction of a property

The size of a property and how it's used

The security features installed on a property

The business' past claims history

Other factors that assist with risk-assessment

How Can Businesses in Massachusetts Get Commercial Property Insurance?

Massachusetts businesses that need coverage for a commercial building should talk with a Garrity
Insurance agent who specializes in commercial property insurance. Our agents are familiar with
commercial property policies and will know the nuances of these policies and have informed coverage
recommendations. They'll know what protections a business should look for based on the particular
needs of business' property. Since we're independent, our agents are free to recommend multiple
policies from different insurers.

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Garrity Insurance

22 November, 2018

This material is for informational purposes only. All statements herein are subject to the provisions,
exclusions and conditions of the applicable policy, state and federal laws. For an actual description of
coverage, terms and conditions, please refer to the applicable insurance policy or check with your
insurance professional. The illustrations, instructions and principles contained in the material are
general in scope and, to the best of our knowledge, current at the time of publication.

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