certificate of insurance Archives

What is Commercial Property Insurance?
What Does Commercial Property Insurance Cover?
What Doesn’t Commercial Property Insurance Cover?
Why is Commercial Property Insurance Important for Small Businesses?
Who Needs Commercial Property Insurance?
How Much Does Commercial Property Insurance Cost for Small Businesses?
How to File a Commercial Property Insurance Claim
FAQs
Get Commercial Property Insurance

What is Commercial Property Insurance?

Commercial property insurance protects business owners and their companies from financial losses if their property and/or assets are damaged or lost. Common assets that are generally covered by commercial property insurance include buildings, furniture, fixtures, equipment, and more. No matter how big or small a business is, commercial property is a vital piece of protection, ensuring that companies recuperate quickly in the event of an incident.

What Does Commercial Property Insurance Cover?

Commercial property insurance focuses on the protection of physical assets from loss, damage or destruction, if a covered incident takes place. Here is a breakdown of the most common events causing loss or damage that are covered by commercial property insurance:

Explosions
Fires
Smoke Damage
Storms
Wind
Hail
Water Damage (does not include flooding)
Equipment breakdown or malfunction
Theft
Vandalism
Riot/Civil Commotion
Vehicle Damage

If one of these events takes place on your property, the following types of assets are generally covered:

Buildings and/or structures owned by the business
Personal property (laptops, computers, furniture, etc.)
Inventory
Supplies
Documents
Equipment/Machinery
Landscaping
Signs
Fences

What Doesn’t Commercial Property Insurance Cover?

The following events and assets are usually not covered by commercial property insurance:

Flood Damage (requires a flood insurance policy)
Earthquake Damage (requires a separate policy)
Hurricane Damage (supplemental coverage such as flood insurance is required).
Employee Injury (workers’ compensation insurance is required).
Employee Theft
Intentionally Caused Damage
Routine Damage (wear and tear)
Vehicle Damage (commercial auto insurance is required)

Why is Commercial Property Insurance Important for Small Businesses?

A company without commercial property insurance risks facing major financial issues if property and/or items get damaged during a covered event. This valuable coverage offers several advantages:

Pays For Expensive Repairs and Replacements: The policy pays to fix or buy new company assets that break down, get destroyed or lost.
Enables Businesses to Stay Open: By covering the cost of equipment or repairs, businesses avoid extended periods of down time.
Peace of Mind: Owners and employees can focus on running a successful operation, instead of worrying about unforeseen events and the financial impact the events could cause without the presence of commercial property policy.

Who Needs Commercial Property Insurance?

A better question might be—who doesn’t need commercial property insurance? But in all seriousness, any business that owns, rents or leases physical space or valuable business assets should invest in a commercial property protection plan. Here’s a list of some businesses that commonly obtain commercial property insurance:

Restaurants, food trucks, and caterers
Retail Stores
Office-Based Businesses
Beauty businesses
Professional Services
Fitness Studios and Gyms
Warehouses
Distribution Centers
Any Small Business with expensive inventory/equipment

If you own, rent or lease business space, use expensive machinery and equipment, or simply depend on physical property to run a successful operation, this coverage is essential to avoid monetary setbacks in the case of an unexpected, damaging event.

How Much Does Commercial Property Insurance Cost for Small Businesses?

On average small businesses usually pay between $500 and $2000 annually. There are a number of factors contributing to the cost of policy such as:

Location: Areas deemed more dangerous may cause premiums to increase. This includes frequent natural disasters or high crime rates.
Type of Assets and/or Property: The bigger the building or property, and the more valuable the assets, the more expensive the premium will be. Additionally, older structures tend to cost more to insure as opposed to more recently built buildings.
Number of Facilities: It will cost more to insure a property with multiple buildings or facilities.
Safety Features: Properties including safety features like smoke detectors or security systems may be rewarded with lower rates.
Building Material: Buildings constructed with certain materials such as fire-resistant materials will generally cost less to insure.
Industry: High-risk industries like manufacturing or construction may see higher prices.
Deductibles and Coverage Limits: Higher deductibles usually lower premiums costs, while higher coverage limits increase premium costs.
Claims History: Businesses with a history of property claims may see higher rates.

How to File a Commercial Property Insurance Claim

If an incident occurs causing your business property and/or assets to be damaged, destroyed or lost, it’s important to take the following steps:

Document the Damage: Take clear photos of the damage, and gather any other evidence that provides proof of the event which occurred. Keeping detailed records is key.
Contact Your Insurer: Get in touch with your insurance provider as soon as possible. The earlier you report the incident, the better.
Provide Proof: Send all relevant documents to the insurer. This includes both proof of the damages incurred, as well as receipts and bills showing the value of the damaged or lost items.
Get Assessed: The insurance adjuster will need to visit your property to assess all losses or damages in person.
Receive Payment: Once the claim is approved, you’ll receive funds to fix or replace all affected items or property.

FAQs

Can Commercial Property Insurance Be Combined with Other Coverage?

Yes, it is quite common for commercial property insurance to be combined with other protections to form a comprehensive plan. Common plan combinations include:

Business Owners’ Policy (BOP): Combines business interruption insurance, general liability, and commercial property coverage.
Commercial Package Policy (CPP): Gives businesses the option to customize their package with a number of coverage options to protect against common property and liability risks.
Equipment Breakdown Insurance: When combined with commercial property, it adds an extra level of protection, covering repairs or replacements to specific equipment like HVAC systems, boilers, pressure equipment, security systems and more.

Combining policy is a great way to ensure there are no holes in your protection plan, while simultaneously offering cost savings.

Does Commercial Property Insurance Cover Leased Property?

Commercial property can cover lease property. Whether or not this is the case for your leased property depends on the specific terms of your lease agreement. With that said, in many cases the owner of the property is responsible for insuring the structure, while the tenant is responsible for insuring their businesses personal property.

How Can I Lower the Rate of My Commercial Property Insurance?

Here are some cost saving measures you can take to ensure that you get the best price on your commercial property insurance policy:

Set Up Security Defenses: Investing in things like security cameras or fire hazard equipment to lessen potential hazards could reduce your premium.
Combine Policies: Consider purchasing a business owners’ policy, or another combined insurance package, to gain supplemental protection at a reduced price.
Select a Bigger Deductible: Increasing your deductible usually reduces monthly premiums.
Regularly Assess and Review Coverage: Review your current coverage on an annual basis to ensure that you’re not overspending for coverages that aren’t necessary to your operation.

How Do I Choose the Right Commercial Property Insurance Plan?

When deciding on which policy to choose it’s important to take account of the following:

The specific risks associated with your industry and business.
The total value of all combined assets, such as buildings, equipment and inventory.
Coverage limits, deductibles and premiums that fit your budget.
Whether or not your business requires additional coverage options like protections against hurricanes, floods or earthquakes.

While all of these factors are crucial to consider, we encourage all business owners to consult with an insurance professional to ensure all your needs are met, and the cost of protection stays within your budget.

Get Commercial Property Insurance Today, with EZ.Insure!

EZ.Insure is a leader in the small business and commercial insurance space for a reason. Our simple platform makes it easy to compare coverage options side by side, receive free quotes, and work with a licensed agent, so you can secure the best policy tailored to your business needs. Don’t wait for an unexpected event to get in the way of your business’s success, instead, get covered today!

To get started, simply enter your ZIP code in the box below or give us a call at (855)-694-0047 to get your free quote!

What is a Certificate of Insurance and Why Do You Need One?

A Certificate of Insurance (COI) is more than simply a piece of paper—it’s proof of your coverage and professionalism.

Whether you’re a contractor, small business owner, event organizer, or another profession, having a COI guarantees that you meet legal and client demands while simultaneously building trust with your partners.

Now let’s take it a step further and discuss what a certificate of insurance is, why having one is so important, and how you can get one.

What is a Certificate of Insurance?

A Certificate of Insurance (COI) is a standardized document that verifies that your business or services are covered by active insurance coverage. Here’s what’s included in your standard COI:

Policyholder Information: Identifies the insured company or person.
Insurance Company Details: Provides contact information for the insurer.
Policy Types & Coverage Limits: Provides a list of insurance policies, (workers’ compensation, general liability, etc.), along with their respective limits.
Effective Dates: Indicates the beginning and ending dates of coverage.

COIs can include multiple different policy types such as general liability, professional liability, and commercial auto insurance, all listed on the same document.

Why is a Certificate of Insurance Important?

Provides Proof of Coverage: Having a COI shows others such as clients, partners and vendors that you’re insured, giving them peace of mind.
Establishes Trust & Professionalism: Demonstrates that you take financial responsibility seriously, increasing confidence in business interactions.
Meets Contractual Obligations: Guarantees adherence to contracts requiring insurance protection, shielding all parties from potential liabilities.

How Does it Differ from an Insurance Policy?

A common misperception is that a Certificate of Insurance (COI) is the same as an insurance policy. Although they are linked, they perform completely different functions:

A Certificate of Insurance is a Summary: A Certificate of Insurance is a one-page document that summarizes the insurance coverage a policyholder has. It contains fundamental information such as policyholder information, types of coverage, coverage limits, and effective dates.
An Insurance Policy is Comprehensive: In contrast, an insurance policy is a lengthy contract outlining all of the coverage’s terms and conditions. It offers information exclusions, deductibles, premiums, and other relevant clauses.
Why the Difference Matters: A COI is a quick way of proving coverage, but it does not include the complete terms or fine print of the insurance policy. Businesses that require a COI should always review the entire policy to ensure that it satisfies their needs.

When You Might Be Asked for a Certificate of Insurance

A COI may be required in a number of professional settings:

Business Contracts: Prior to beginning a project, clients may ask for proof of coverage.
Property Rentals: Landlords frequently ask commercial tenants to provide proof of liability insurance in the form of a COI.
Event Planning: Venues may request a Certificate of Insurance (COI) to prove your coverage for accidents or damage.
Client Peace of Mind: Clients frequently request COIs to limit their responsibility while working with contractors or service providers.

How to Get a Certificate of Insurance

Request a COI From Your Insurer: Most insurers will give them to you at no additional expense.
Review the Details: Check that insurance limits, dates, and coverage(s) making sure that they align with the details on your policy, and are consistent with client or contract requirements.
Request in Advance: Always have a COI available before beginning a project or signing a lease.

Mistakes to Avoid When Handling a COI

When providing or handling your Certificate of Insurance, make sure to avoid the following mistakes:

Providing an Outdated COI: Over time, insurance coverages and details tend to change. Using an expired COI or one that does not reflect current coverage may result in disputes or contract termination.
Failing to Meet Client Requirements: Certain contracts demand specific coverages or endorsements, such as adding the client as an additional insured. Always double-check the COI to make sure it fits the other party’s specifications.
Relying Solely on a COI: A COI does not replace the entire insurance coverage. Always check the entire policy to understand the actual terms.

Final Thoughts

A Certificate of Insurance is more than simply a requirement— it’s a valuable tool for protecting your business, winning client trust, and pursuing emerging opportunities.

Don’t wait to secure your business coverage and COI. Visit EZ.Insure today to learn about comprehensive coverage options so your business can stay successful and thrive for years to come.

To get started, just enter your ZIP code on the right side of the screen, or give us a call at (855)-694-0047.

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What Is An ACORD Certificate?

If you’re a business owner who works with contractors or hires others to work for you, you’ve probably requested a certificate of insurance (COI). Or perhaps businesses you’ve worked with have requested to see yours. This document serves as proof that a business or contractor is insured. It outlines the types and amounts of coverage, ensuring that you and others are protected against accidents or mistakes. One of the most widely used and recognized forms of a COI is the ACORD certificate. An ACORD certificate is a standardized document that provides proof of insurance coverage, summarizing key details such as policy types, limits, and effective dates in an easy-to-read format. It’s commonly requested in business transactions to confirm adequate liability and property insurance coverage.

What is an ACORD Certificate?

ACORD certificates are governed by the Association for Cooperative Operations Research and Development. This association is a non-profit organization that provides the standardized forms and certificates for almost 90% of US property and casualty insurance carriers. Before ACORD created standardized forms, insurance companies had their own policy forms, which made it confusing for agents and brokers.

With standardized forms, it’s easier for small business owners to review their insurance and prove to customers and partners that they’re insured. If a document meets the ACORD’s standards, it will have “ACORD” stamped on the top left corner of the document. The insurance agency information will be located just below the stamp.

The ACORD 25 form, also known as a certificate of insurance (COI), is a type of liability insurance certificate that provides evidence of liability insurance, such as general liability insurance or professional liability insurance, and is the most commonly requested certificate of insurance.

Tips Involving ACORD Certificates

When you purchase any type of liability insurance, ask your agent for an ACORD certificate so that you can provide it to any client or business partner that you want to work with. Having this certificate provides proof of your coverage shows businesses or clients that working with you that you have sufficient liability protection.

Common ACORD Certificate Categories

ACORD certificates are categorized by numbers. This gives people a better understanding of the specific forms they might send to prospects or receive from contractors. Some of the most popular forms used in the insurance industry are:

Certificate of Liability Insurance (25)
Evidence of Property Insurance (27)
Certificate of Property Insurance (24)
Evidence of Commercial Property Insurance (28)
Additional Remarks (101)

Ask Upfront to See ACORD Certificates

If you are going to work with a contractor or another company, you need to make sure they have their own liability insurance. This will protect your business in the event that they:

Make a mistake
Damage a customer’s property, or
Cause physical harm through their negligence.

The best way to do this is by asking them to send you an ACORD certificate. You should be able to do the same if asked for proof of insurance. When you send an ACORD certificate, it shows that you are responsible, and puts people at ease. With this documentation on hand, individuals and business will be more likely to want to work with you. If your insurance carrier cannot issue ACORD certificates, it might be time to switch to a one who is compliant with your industry standards

Pay Attention to the Details

In addition to confirming proof of an ACORD certificate, it’s vital that you carefully read over the document’s details. ACORD certificates include key insurance information such as expiration dates and coverage limits, which could effect your level of protection. By taking the time to thoroughly examine ACORD certificates, you ensure that your contractor’s policy is up-to-date and provides adequate protection.

It’s also worth mentioning that ACORD certificates are not replacements for an actual insurance policy. While they provide a snapshot of coverage, this documentation doesn’t modify terms of the policy or guarantee coverage. With that said, it’s always wise to request a complete copy of the actually policy. This is especially true if you’re working on a high-risk or high-value project.

Learn More at EZ.Insure

If you want to learn more about ACORD certification, or if you have any other commercial insurance questions, an EZ agent can help! We’ll assess your business’ needs, compare top plans, and find a policy that’s right for you, all in minutes! To get free instant quotes, simply enter your zip code in the bar above, or to speak directly with one of our agents in your area, call (855) 694-0047.

Do You Need a Certificate of Insurance?

There are lots of ways to spread the word about your business, from advertising to word of mouth to social media marketing. All of these things help to get your name out there, and tell people that you’re the best in the business. Your potential customers or clients also want to know that they can trust your services and advice. They want to know that, if anything goes wrong, you will take responsibility and make things right. Let’s take a look at what a COI is and why it is important.

What Is a Certificate Of Insurance?

piece of paper with signature and red certification circle on the bottom — *A COI is a physical or electronic document that proves you have a valid commercial insurance policy.*

If you have a car, then you have auto insurance, right? And if you have auto insurance, then you have an insurance ID card in your glove compartment. Think of a certificate of insurance as something similar. A COI is a physical or electronic document that proves you have a valid commercial insurance policy. It is a quick overview of the policy you hold, and includes:

Your name and business information
The insurance company that issued your policy
The policy number, effective date, and expiration date
The type of policy (such as general liability or professional liability)
Policy limits and deductible amounts
Additional insured, meaning anyone else who is covered under your policy

These certificates might be packed with information, but they are only one page long. This means that you can post them in your place of business, or easily show them to clients (instead of having to pull out your multi-page insurance policy).

Do I Need a COI?

If your business provides advice or services to customers or clients, then there is always the possibility for things to go wrong. A handyman might accidentally put a ladder through a window, a freelance IT tech could miss a data breach, a contractor might be overseeing a building site where someone gets injured. To protect against claims of physical injury, property damage, financial loss, or even bad advice, you

need at least one type of commercial insurance policy, and a certificate of insurance to go along with it.

Not many companies or customers want to work with a business that doesn’t have insurance, so being able to show them that piece of paper is an extremely important way to keep your business growing. If you are a contractor, then you will probably be required by the companies that hire you to show a COI. Other business owners can preemptively offer a COI to a client as a way to earn trust, get an edge on the competition, or simply show that they are professionals who take their business seriously.

How Do I Get One?

caucasian hands with one hand on laptop keyboard and the other hand holding a cell phone — *If you need certificates of insurance to give to clients, you can contact your insurance company, agent, or broker.*

Finally, there’s something fairly simple associated with your business insurance! Getting your initial certificate of insurance shouldn’t require any extra work on your part, it should be included – for free – with all of the documents you receive after purchasing your policy. If you need additional certificates to give to clients, you can contact your insurance company, agent, or broker. These additional certificates are also free and should be quick and easy to get. If you need to add your client as an “additional insured” or add extra coverage for a specific job, then it may take a few days to a few weeks to get a new COI.

When it comes to your commercial insurance, your policy should be “if you’ve got it, flaunt it.” If you’ve taken the responsible step of insuring your business, then let your customers know – and watch your business take off. If you’re shopping around for commercial insurance, or need a new plan, then EZ.Insure is the place to be. We’ll answer all of your questions, give you instant quotes, even sign you up – all for free! Don’t go another day without the policies that will get you noticed, or with a policy that’s not working for you. Get started with us by simply entering your zip code in the bar above, or speak to an agent directly by calling 888-615-4893.

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