Maryland has one of the highest small business growths in the United States.   

According to a 2020 report from the Small Business Association, there are 604,176 small businesses in Maryland. These include small, one-person sole proprietorships or LLCs to larger businesses with a hundred or more employees. Small businesses also make up 99.5% of all businesses in Maryland. ***

Those small businesses range from home businesses to retailers to restaurants. The types of property vary widely. All need to be covered by commercial property insurance. 

A business cannot be “too small” to be covered under a commercial property insurance policy. It is all about the property that your small business owns and if the business can replace the property if there is a covered loss (fire, wind, theft, etc.). Most business owners, however, can replace the items. 

Commercial property insurance coverage is required by leases, loans, and mortgages. This is expected as any small business would want to make sure all their property is covered. The cost of a premium is typically much less than the cost to replace it! 

A basic commercial property insurance policy covers these risks: fire, theft, vandalism, wind, water, and vehicle or airplane damage. If you need flood coverage, an endorsement can be added. Other endorsements can be added. Small business owners need to inventory their property – everything from computers to stock to even the paper towels in their washroom. 

Of course, your coverage depends on the type of business and property that you have. You need to make sure that hazards in your Western Maryland or Washington, DC area are covered. 

Commercial property insurance may cover the following:

1. Product Inventory 
2. Commercial vehicles
3. Computers, printers, scanners, paper, ink cartridges, etc.
4. Tools 
5. Furniture
6. Storage
7. Documents
8. Signage 
9. Fences/gates
10.  Security system
11. Outbuildings and other structures
12.  Landscaping

Coverage may also include lost income and restoration of income when the property is damaged or stolen. Your business cannot operate without certain equipment, inventory, or a storefront. When losses occur, your commercial property insurance policy may help you recover some or all of your income during this time. 

Your commercial property insurance agent can help you determine whether you need to cover it as a replacement cost or for actual cash value. Most insurance agents will recommend replacement costs as inflation and other economic conditions may increase the cost of items.

If you have a building under construction or a new building for business, you may want to get a policy to cover it. It is a policy good for a certain number of months and only to cover the building from covered risks. Building improvements and additions may also be covered. 

Glass coverage is a different matter, however. It is covered under a general business property insurance policy. Windowpanes have limits per occurrence. Check with your insurance agent about getting the proper limits that are needed. 

Commercial property insurance coverage is a major component in making sure that your business is covered against minor and major claims. It gives you peace of mind and it is a responsible step towards making sure that you have the money to replace, repair or rebuild your property.

Contact your insurance agent today, if you don’t have commercial business property insurance, to find out what can be covered and get quotes. Don’t let your business be destroyed by a claim. Insurance coverage brings you peace of mind and lets you do what you do best – run your business. 

Lindquist Insurance has commercial property insurance policies that will keep you covered in the event of a covered loss. Call (301) 694-0008 to speak to our experienced and licensed insurance agents for a consultation and quote. 

We serve the Annapolis, MD, and Frederick, MD areas. 

*** For more information, visit ForeignUSA.com.