Commercial Building insurance protects against the numerous risks and hazards it could face.
Commercial Building Insurance
Whether you own or rent a commercial building, insurance is essential to protecting both the building itself and the belongings within it. While the building may be covered by another policy if you're simply renting it or a space within it, the items/contents you bring in for your business usually won't be. There are several areas of coverage to consider, which we will be providing a brief overview on this page.
Make sure to seriously these areas of coverage, especially if you own a commercial property that is being rented out to others.
Commercial Building Insurance - Fire and other Perils
First off, if you own a commercial building, protecting it against damage or destruction is key. It doesn't matter whether you make use of the property yourself or rent it out to others, the costs of any damage to your building, natural or man-made, can be substantial. Many insurance providers offer policies that account for damage caused by natural factors such as storms, strong winds, hail damage, water damage from flooding, etc.; as well as damage caused by people such as arson, vandalism, break and enters, and so on.
Just as exceptions may apply in what damage is covered under a home insurance policy, the same applies with commercial building insurance. Even what is damaged as a result of these perils may be treated differently. For example, damage to the building's roof may be covered by default, whereas damage to glass windows and/or panes may require a standalone glass insurance policy. Keep these factors in mind whenever you're researching insurance or considering switching over to a new insurer.
Commercial Building Insurance - Contents/Property.
If you're renting a commercial building space, it's important to make sure you have insurance that accounts for your contents/property. In general, any insurance policy taken out the by building owner will not cover the specific property you bring in when using your rented area. Whether you sell products or provide set services, you still need to assess the value of your property and insure it accordingly. The more property you have, the higher your premiums are likely to be.
Also worth keeping in mind is the fact that you may have to pay a deductible should you ever need to make a claim. The deductible is how much you have to pay out of your own pocket before the insurance kicks in. So say $10,000 of property was stolen and you have a deductible of $3,000. That means you'll cover the first $3,000, and then your insurance will kick in and cover the remaining $7,000. Whatever your deductible is, make sure to have it set away in case.
Commercial Building Insurance - Tenants
Renting out your commercial building can come with the same risks of renting out a home. While most tenants tend to be good, you still need to account for the possible bad ones. However, being covered for damage by tenants isn't the only concern. Even if you have good tenants, sometimes there can sadly be situations where they simply may be unable to pay rent. If you have to end their tenancy as a result, proper coverage can also provide you with financial support that makes up for lost rental income.
Commercial Building Insurance - Liability
Liability coverage is important for both commercial building owners and the companies that rent the space. For the building owner, liability insurance can protect them should any issues arise with the building that injure tenants or damage their property. For businesses renting any space, they should also take out liability insurance in case a customer or client sustains an injury or has their own belongings damaged due to oversights on the business's behalf (e.g. a customer/client trips over unsecured wires or a slippery surface that has not been clearly marked).
In the world of insurance, finding an affordable insurance provider who also offers good coverage is not an easy task. If you are looking for commercial insurance, home insurance, car insurance, life or health insurance, AMC Insurance has the expertise to help you make the right choice.