The Types of Commercial Property Insurance
The most common type of coverage for commercial landlords to carry is buildings and contents cover. It helps to protect the building you own and what's inside. If a storm or flood occurs, you'll get a check to help cover the cost of the rebuild. Similarly, fire, lightning, and earthquakes are typically covered under these kinds of policies. Accidental damage may also be covered, as might damage from a theft or malicious attack. To obtain this type of coverage, you'll need to list the estimated rebuild cost for your premises. If it's under their blanket coverage, you'll be able to get a policy fairly quickly. If it's over that amount, the two of you may have to do a bit of added work to make certain you get a policy that meets your needs.
Buildings and contents cover, though, isn't the only type of commercial property insurance available. You can also get business interruption insurance. This type of insurance offers you money if you cannot run your building as you normally would because of an even that damages the premises. For example, say a terrible fire damaged a building where you rent space to three different companies. You won't be able to charge rent to those companies while your building is being repaired, and that's where business interruption insurance steps in. It helps to cover any pre-tax shortfalls as a result of the event. It also helps to cover any increased costs in running your business because of the event. While it does add a bit to the premiums, it's certainly worthwhile coverage should you ever need it.
Public liability coverage is another option you may want to consider. Your tenants may have already considered this type of coverage as well. It's virtually essential for any business owner or landlord. Any place the general public might be, public liability insurance should follow. It compensates a member of the public should they accidentally injure themselves on your property. For example, imagine someone walks into your lobby and trips over a mop bucket that shouldn't have been there. If the individual is seriously injured, you wouldn't be directly responsible for the associated costs. Instead, your public liability insurance would kick in and help to cover those costs.
Employers' liability insurance should also be considered. This kind of coverage is designed for those landlords who have "employees" on their payroll, as designed by the Employers' Liability Act of 1969. If you employ janitorial services, receptionists, maintenance people, or the like, you are actually required to hold this type of coverage. It helps to cover the costs associated when employees take sick or have an accident on the job.
Making the Choice
Many insurance companies will bundle the right services together to create a single policy that works best for you. The key is to understand what's possible before you make a purchase.
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