PROPERTY INSURANCE
Protect Your Business with Property Insurance
Your business property is crucial to your operations, but unexpected events like fire, storms, or theft can disrupt everything you've built. Property insurance provides financial protection for your buildings, equipment, inventory, and even your income.
Property Insurance. Simplified.
Why Property Insurance?
Property insurance helps safeguard your business by providing coverage for:
- Buildings and structures
- Equipment and machinery
- Inventory and supplies
- Income lost during temporary closures from covered events
The Southern Agency is committed to helping you explore and choose the right insurance options to protect your valuable assets.
Factors Affecting Property Insurance
Insurance premiums are influenced by several key factors, known as C.O.P.E.:
- Construction: Material and type of your building (wood, masonry, steel).
- Occupancy: The specific use of your building (retail, office, manufacturing).
- Protection: Presence of fire alarms, sprinklers, and security systems.
- Exposure: Risks associated with your building’s location and surroundings.
Types of Construction Impacting Your Insurance Rates
Construction types significantly affect your insurance premium and coverage options:
- Frame: Built primarily with wood or combustible materials.
- Joisted Masonry: Masonry walls combined with combustible floors or roofs.
- Noncombustible: Metal or other noncombustible walls, floors, and roofs.
- Masonry Noncombustible: Masonry walls paired with noncombustible floors and roofs.
- Modified Fire Resistive: Materials with fire resistance ratings between one and two hours.
- Fire Resistive: Materials with fire ratings of two hours or more.
- Mixed Construction: Buildings combining various construction types.
Additional factors include reinforced masonry, heavy steel, light steel, and high-rise constructions.
Most Common Types of Property Insurance
The Southern Agency can help your business explore these popular coverages:
- Builders Risk: Protects buildings during construction from damage or loss.
- Building Insurance: Covers damage to physical structures such as offices and warehouses.
- Business Income Insurance (Business Interruption): Covers income lost due to temporary closure from covered damages.
- Business Personal Property Insurance: Insures equipment, inventory, and furniture at your business location.
- Equipment Breakdown (Boiler & Machinery): Covers repair or replacement costs due to mechanical breakdowns.
- Flood Insurance: Protects your property from flood-related damages.
- Inland Marine Insurance: Covers property in transit or temporarily away from your main premises.
- Wind Insurance: Protects property from windstorm damage.
Other Types of Property Insurance
- Cargo Insurance: Protects goods during transport.
- Commercial Output Policy (COP): Broad coverage suitable for multi-location or complex businesses.
- Contents Insurance: Covers internal business assets specifically.
- Contractors Equipment Insurance: Covers equipment used on job sites.
- Earthquake Insurance: Protects against earthquake damages.
- Extra Expense Insurance: Covers extra costs to continue operations after a loss.
- Glass Insurance: Covers broken glass on business premises.
- Manufacturers Output Policy (MOP): Comprehensive coverage for manufacturing businesses.
- Ordinance or Law Insurance: Covers extra rebuilding costs due to compliance with building codes.
- Outdoor Property Insurance: Insures outdoor structures like fences and monuments.
- Sign Insurance: Covers business signage against damage.
- Soft Cost Insurance: Covers indirect expenses incurred from construction delays.
- Tenant’s Betterments and Improvements: Covers improvements made by tenants.
- Terrorism Insurance: Protects against damages caused by terrorist activities.
- Transportation Insurance: Insures goods in transit by land, air, or sea.
- Wet Marine Insurance: Covers shipping-related losses at sea.
