Commercial Property Insurance For Office Buildings – Business owners have insurance that covers the liability risks they face as a result of providing a service or product. They have insurance that protects their employees from workplace injuries, as well as coverage for many other risks. Commercial property insurance covers the actual physical property that allows you to conduct business.
Often purchased as part of a Business Owners Policy (BOP), commercial property insurance covers the freestanding commercial building you own, office furniture, office machinery and more. In the event of a fire, theft, weather loss or long-term power outage, your commercial property insurance will help you replace items lost as a result. From standard furniture to inventory, Commercial Property Insurance provides the coverage you need to keep your business in the black.
Commercial Property Insurance For Office Buildings
When a catastrophic loss temporarily halts standard business practices, it can be costly. When it closes your business for an extended period of time… or indefinitely… it becomes a catastrophe. Loss of income coverage can provide assistance with expenses when your business is closed due to a covered loss. This benefit not only prevents the temporary loss of income from permanently affecting your business, but also helps you retain your workforce, which is often a serious concern during an extended shutdown.
Building Insurance During Covid 19
In addition to the protection already mentioned, your commercial property insurance policy also provides coverage for many outdoor commercial assets, such as signage, fencing and landscaping. May also include coverage for exterior buildings. Commercial property insurance can also cover the property of others in your care, custody or control. When your Mars insurance agent tailors a commercial insurance policy for your business, you can be sure you have solid protection.
Basic commercial property insurance policies typically cover losses from fire, explosion, theft, vehicle or aircraft damage, and vandalism. Additional coverage can be added for earthquakes and glass breakage.
Losses are paid for settlement and paid based on the type of policy purchased: either replacement cost or actual cash value.
Replacement cost is, simply defined, the actual cost of repairing, replacing, or reconstructing the property in the same location, using similar materials and quality, without taking into account depreciation.
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Actual cash value is the replacement cost of property of similar style and quality, without depreciation. Premiums for an actual cash value policy are lower because of lower limits due to depreciation. If commercial or rental properties are part of your investment portfolio, then you need to talk to us!
Not all landlords or buildings are the same. So neither are our policies! We handcraft and customize a policy to fit YOUR needs.
Don’t burn money with high rates on rental property insurance! We are an independent and trusted agent specializing in property insurance for income.
We offer the best insurance for apartment or commercial building owners around. With the changing market, you can rely on our expertise, availability of many reputable carriers, very low rates and enhanced coverage available – to let us shop for YOU. We will customize an “Income Owner Policy” that is right for your situation.
Commercial Property Insurance: Key Considerations For The Commercial Real Estate Owner
Looking for discounts on insurance for your apartment complex, commercial building or income property? Call us today and let us shop and compare for you.
Ask about our special homeowners insurance maximization program. Huge savings and discounts can be had if we can combine multiple rental buildings (1 – 60 units each as an example) into one policy. The more the merrier.
Did your rate go up? Contact us and we will purchase your Apartment Complex or other income property insurance. We can minimize the impact with some of the best coverage and rates for apartment building and rental insurance in the South Bay, West Los Angeles, Santa Monica, Hollywood, Beverly Hills, San Fernando Valley, Orange County, Inland Empire and San Diego.
If you want to be more than just a check to your agent and answered no to any of the above, please give us a call!!! No one likes ‘Taxation without Representation’ or in this case it feels like an annuity when you can leave Great Service, money and more importantly your financial security at risk! Get an income property quote from our team today. Computers, files, furniture and product inventory are key components of your business. You can protect yourself against the devastating effects of their loss with a commercial property insurance policy.
Affordable Business Property Insurance
When most of us think of commercial property insurance, our thoughts gravitate towards large objects such as buildings. But often the smallest pieces of commercial property are the most important to your business.
At Eastern Insurance, we provide a complete exposure analysis to provide you with a commercial property insurance policy that will help you survive the loss of any vital property – both large and small. With this policy, you will be protected for the replacement cost of all your vital assets.
Worried about costs? Our market knowledge and access to many insurance companies allow us to offer some of the most affordable protection available for the property you want to cover, so you can easily control your insurance costs.
Our property insurance program is available to any business owner with property to insure. Even if you’re renting space, you’ll want to consider furniture, equipment, inventory, and files.
Business Property Insurance
Our experienced professionals understand the unique needs of your business as they are also members of most industry associations. As a result, we can help you identify, analyze and calculate your risks and customize a competitive solution that helps you manage them.
As your property changes, it’s always a great time to review what you need covered – you can save money and ensure your property is fully covered. When insuring real estate, it is sometimes tempting for commercial property owners to consider level’ points associated with one’s insurance program, such as total insured limits and final premium charge, however, commercial property insurance is a arena where a common saying is true – “the devil is in the details”.
Whether a client owns hundreds of real estate assets or just a few properties, there are many common elements of a property insurance program that should be considered when placing coverage.
Obviously, in the event of a catastrophic loss, most customers are looking to be “made whole” by their insurance policy – in other words, if a property is totally destroyed by a covered cause of loss, it follows that they would generally want insurance pay the full cost of rebuilding. A policy’s ability to respond in this way is not automatic; most property policies will only respond up to pre-set limits and will respond according to pre-set valuation methods:
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Clearly, replacement cost is greater than ACV in most cases; The bottom line is that there is a big difference in how claims are handled between the two methods, so both are definitely worth considering.
Occasionally, property owners will be tempted to take some risk in setting limits in an effort to save money on premiums and possibly seek to implement coverage limits that would not be truly adequate to replace the covered property in the event a real “total loss”. .” This may be acceptable with some property insurance underwriters, however many will require policyholders to ‘insure to value’ and implement ‘co-insurance’ clauses to ensure this happens. With a coinsurance clause (most are either 80% or 90%), a property insurer states that if the total insured limit is not at least a certain percentage of the actual replacement cost at the time of a partial claim, then the property owner would be penalized with a ratio representing the percentage by which the property is underinsured. Co-insurance clauses can often be negotiated outside of policies in exchange for a signed “statement of value” or other evidence of insurable value.
Most property insurance policies will pay subject to a deductible, for which the policyholder is responsible. This seems simple, however it is important to note that deductibles can vary depending on the peril being insured against. For example, a property insurance policy may have different deductibles for each of the following different perils:
It’s very important to make sure all deductibles are clear when placing your coverage – it’s not uncommon for certain deductibles to be less obvious than others when you read a policy document.
Common Commercial Property Insurance Exclusions
Property insurance, like most areas of complex risk insurance coverage, must be specifically tailored by an experienced insurance professional who knows the client’s business. The following is a non-exhaustive list of exposures that may or may not be automatically included in a standard commercial property insurance policy unless specifically addressed:
In short, while premium is certainly an important factor when placing commercial property insurance coverage, there are many other factors that must be addressed to ensure that the coverage responds favorably in the event of a loss. A good insurance broker will know how to properly structure coverage while also finding the best rate from a reputable insurer.
NorthStar Insurance Services, Inc. is an independently owned insurance agency founded in 1995.
