We frequently ask the following question: do I need to have commercial property insurance if I own or rent property, or have a home business? There are many types of accidents or unforeseen events that can cause a major financial setback for small and medium-sized businesses. A burst pipe or storm wind, flood or vandalism can damage building stock and/or equipment. A fire can destroy the inventory and merchandise you sell your business.AxiProtect is Axiom's new property product specifically designed for the needs of small and medium-sized businesses. With AxiProtect insurance, you can receive indemnity in the event of total or partial damage to your buildings, machinery, equipment, goods or other tangible assets that are important to your business.