There are several differences between commercial property insurance and a homeowner’s policy.
Unlike a residential home insurance policy, where there is usually a single individual or couple who own the property, there could possibly be numerous parties listed on a commercial property insurance policy depending on how ownership is set up. In many cases, an incorporated company or LLC may be listed as a proprietor on the policy.
Because a business requires additional coverages to account for operations and liability, commercial property insurance will have additional coverages including several liability coverages. As with many forms of business insurance, you can tailor the types and amounts of coverages you need within your commercial property insurance policy based on your business needs and specific risks.
Finally, because running a business can involve owning several real estate assets for different functions, you may require different types of policies with different types of coverages based on what business activities take place there. A commercial office space will require different coverages than an apartment building.
Talk a broker to discuss what kind of coverages your business may need.