Commercial Property Insurance covers first-party claims to real property you own. Whether it’s a fire, explosion or smoke -- if there are structural damage to the building, the repair costs ultimately fall on the building owner’s shoulders. Purchasing property insurance is only a way of transferring the cost over to an insurance company in exchange for a premium.

Unfortunately, just the repairs are one part of the equation. If portions of the building are rendered uninhabitable for a period of time and you are unable to collect rental income from that portion of the real estate (due to necessary repairs, renovations, construction), Loss of Income coverage can help cover portions of that loss as well.

The coverage is typically written on a “Special Form” basis (subject to the usual exclusions) and there are several deductible options to choose from.