What We Do
Commercial property insurance protects the physical assets of a business that include buildings, equipment, and inventory.
The type of policy and coverage will depend on the specific risks faced by the business and the types of assets that need protection.
Legends Elite Solutions specializes in all of the following property types:
- Office Buildings
- Retail
- Industrial
- Hospitality
- Medical Buildings
- Apartments
- Condominium Associations
- Mixed Use
- Agricultural
- Special Purpose: theaters, stadiums, religious building and educations institutions
Common types of commercial property coverage:
- Building
- Business Personal Property/Contents
- Business interruption insurance
- Inland marine insurance
- Extra Expense
- Accounts Receivables
- Building Ordinance/Law
- Outdoor Property
- Liability
- Crime
- Flood
- Umbrella
It’s important that you review the type of building coverage included on your policy:
Commercial property policies provide either replacement cost coverage, actual cash value coverage, or a combination of both. To be fully protected, make sure your policy provides replacement cost coverage.
- Replacement cost coverage pays to repair or replace your property at current costs. This means the policy will pay enough to rebuild your building and replace your property with new items, even if the cost is more than what you originally paid.
- Actual cash value coverage pays replacement cost minus depreciation. Depreciation is a decrease in value because of wear and tear or age. It is less expensive. However, if you have actual cash value coverage, the policy might not pay enough to fully rebuild your business.