Other

Building Equipment and Vital Systems Insurance
Covers building systems such as heating, ventilation, air conditioning and plumbing. Does not cover normal wear and tear that leads to the replacement of equipment and/or systems, but does cover unexpected problems such as a boiler explosion. Coverage of these systems is normally excluded from a property policy, so you must purchase this separately. Consider this policy if you have an expensive ventilation set-up or other system.

Business Income Insurance
Also known has Business Interruption Insurance. Takes effect when you are unable to work due to problems with your space. For example, a fallen tree leaves a gaping hole in the roof above your studio-based photography business, making your space is unusable for three months. If the incident causing temporary suspension of business operations is covered by your Business Income Insurance policy, the policy will cover your loss of income during the repair period.

Trade Fixtures and Inventory
While your property insurance will cover the building should a disaster strike, it might not cover your equipment and supplies. Say you run a small theater, and a fire destroys your expensive lighting systems and bolts of costume fabric. Even if the damage is repaired rather quickly, you will still be unable to put on productions until you get the funds to replace the lighting and buy more fabric. In this situation, insurance for your fixtures, lighting, inventory and fabric would take effect and reimburse you for your loss.

TIP: Each type of policy covers a different situation. Depending on what your space is used for, you might need several policies.

TIP: Have your commercial liability policy (CGL) written as the “primary” policy, so that when a claim is made, the CGL provider will be the first to address the claim. Any additional policies that cover the claim will become secondary, and cover whatever reimbursements need to be made after you have reached your coverage cap with the CGL policy.