Coast to Coast
& CannaShield Insurance Services

What does commercial property

insurance cover?

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​​​​Commercial property insurance protects physical assets like buildings, equipment, and inventory from risks such as fire, theft, vandalism, and certain natural disasters. 

 

It will also cover loss of income allowing you to continue to pay your bills after a covered loss. 

 

Coverages are A La Carte you can pick and choose the coverages you need.

What's the difference between replacement cost and actual cash value?

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Replacement cost coverage pays to repair or replace damaged property at current market prices, ignoring depreciation.

 

Actual cash value (ACV) accounts for depreciation, resulting in a lower payout based on the item’s current worth.

 

For example, a five-year-old computer would be fully replaced under replacement cost but valued less under ACV.

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Replacement cost policies have higher premiums but offer better recovery for losses.

Does it cover business

interruption / loss of income?

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Business interruption coverage isn’t included in standard policies but can be added to cover lost income and expenses during closures caused by covered perils, like a fire.

 

For example, it could pay for lost sales and rent while a damaged store is repaired. Coverage may have time or dollar limits, so review terms carefully.

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How are premiums calculated?

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Premiums depend on factors like property value, location, construction type, and business operations.

 

High-risk areas or industries (e.g., restaurants with cooking equipment) increase costs. Coverage limits, deductibles, and add-ons like business interruption also affect pricing.

 

We comparing quotes from multiple insurers to help secure cost-effective rates.

What's the claims process like?

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To file a claim, promptly notify your insurer via their claims hotline or portal, providing details and documentation like photos or receipts.

 

An adjuster assesses the damage to determine coverage and payout, minus any deductible.

 

Maintain an updated asset inventory and store policy documents securely to streamline the process.

 

Timely reporting (within 24–72 hours) ensures faster resolution.

Is Property insurance required?

 

​While not legally mandated, commercial property insurance is often required by landlords for leased spaces or by lenders for mortgaged properties.

 

It protects businesses from financial losses due to unexpected events like fires or storms.

 

Without it, a single incident could lead to significant out-of-pocket costs. Check lease or loan agreements to confirm specific insurance obligations.​​​​​​​​​​​​

Are floods and earthquakes

covered?

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Standard policies typically exclude floods and earthquakes due to their high-risk nature.

 

Businesses in flood-prone or seismic areas need separate flood insurance (via NFIP or private insurers) or earthquake coverage.

 

Check your property’s risk using FEMA flood maps or USGS seismic data. we can add these coverages if necessary.

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What are common policy exclusions?

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Common exclusions include floods, earthquakes, acts of war, terrorism, mold, and intentional damage.

 

Wear and tear or mechanical breakdowns unrelated to covered events are also typically excluded.

 

Liability claims, like customer injuries, fall under separate general liability policies.

 

Request a full list of exclusions from your insurer to avoid surprises.

Can I bundle it with other insurance?

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Yes, bundling commercial property insurance with general liability or other coverages, often through a package policy saves money and simplifies management.

 

For example, a retail store might combine property and liability coverage for discounts.

 

Bundling ensures comprehensive protection without overlapping policies. .​​

How often should I review my policy?

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Review your policy annually or after changes like property expansions, new equipment, or increased inventory. Inflation or renovations may raise replacement costs, requiring higher coverage limits.

 

Regular reviews ensure exclusions and deductibles align with your risk tolerance.

 

We are always available to review your policy before renewal to avoid gaps in coverage.

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