Commercial property insurance in Dallas
Commercial property insurance is about your building and the things your business owns. It matters whether you own the building or rent a space full of equipment and stock.
What it is meant to handle
The Texas Department of Insurance says commercial property insurance pays to repair or replace your building and business property after a fire, storm or other covered event. It can also pay some lost income if you cannot operate normally.
Policies come in three levels. Basic form usually lists causes such as fire, wind, hail and vandalism. Broad form adds more. Special form covers all causes except those the policy excludes.
Source: Texas Department of Insurance: Commercial property insurance guide
Topics to discuss
- Your building, if you own it.
- Equipment, furniture, stock and supplies.
- Lost income and extra costs after a covered loss, if added.
- Extra costs to meet current building codes when you rebuild, if added.
- Boilers, air conditioning units and similar machinery, if added.
Source: Texas Department of Insurance: Commercial property insurance guide
Common exclusions and other policies
- Flood needs a separate policy. TDI notes a 30 day wait before flood coverage starts.
- Earth movement, wear and tear, and insects are commonly excluded.
- Equipment that travels to job sites may need inland marine coverage.
- Crime losses such as employee theft are a separate topic.
- Injury claims from visitors belong under general liability.
Source: Texas Department of Insurance: Commercial property insurance guide
What to gather before you ask
- The address of every place you work, as TDI suggests.
- Building age, size, roof age and recent updates.
- What it would cost to rebuild or replace, not what you paid.
- A list of major equipment and stock.
- Any past property claims.
Source: Texas Department of Insurance: Commercial property insurance guide
Questions about commercial property
What is the difference between replacement cost and actual cash value?
Replacement cost pays to repair or replace at today’s prices. Actual cash value subtracts depreciation for age and wear, so it may not pay enough to fully rebuild.
Source: Texas Department of Insurance: Commercial property insurance guide
Does commercial property insurance cover flooding?
Most commercial property policies do not. Flood coverage is bought separately, from insurers that sell it or the National Flood Insurance Program.
Source: Texas Department of Insurance: Commercial property insurance guide
Should I list every location?
Yes. TDI suggests telling your agent about all your worksites so nothing is missed.
Source: Texas Department of Insurance: Commercial property insurance guide
Policy terms, exclusions and eligibility control what is covered. Talk through your needs with a licensed agent before you rely on any policy.