Commercial property insurance protects a commercial building and its contents—such as inventory, computers, telephone systems, documents, furniture, HVAC systems, machinery, and equipment—as well as exterior features such as signs, fences, gates, lighting, and landscaping—from damage caused by fire, burst pipes, storms, theft, and vandalism.
Damage caused by earthquakes and floods is generally not covered by a commercial property insurance policy unless coverage for those natural disasters is added to the policy.
In South Carolina, commercial property insurance is designed to offer protection to businesses for their physical assets against loss or damage. This includes coverage for the building itself, its contents, and any exterior features. Standard policies typically cover perils such as fire, water damage from burst pipes, storms, theft, and vandalism. However, it is important to note that in SC, as in many other states, standard commercial property insurance policies do not automatically cover earthquake and flood damage. Business owners must purchase additional coverage or endorsements to protect against these specific natural disasters. It is advisable for businesses to carefully review their policies and consider the geographical risks in their area to determine if adding such coverage is necessary. An attorney specializing in insurance law can provide guidance on policy options and the regulatory requirements in South Carolina.