Whether you’re leasing real estate properties to tenants or operating a business out of a commercial establishment, you need real estate insurance to protect your assets and your company in case of unexpected, unfavorable future events – whether they’re caused by nature or human error.
Insuring Your Commercial Real Estate
A commercial real estate insurance will help ensure that all the time, energy, and money you’ve put into making your business grow will not be put to waste.
Even before consulting an insurance agent, you should already have an idea of the inventory and physical assets in the property. Knowing this will help you determine the level of coverage that your business needs.
When trying to determine how much commercial real estate property insurance to carry, there are several factors that you need to consider.
Some of the most critical factors are:
- Protection against fire and theft
Benefits of Having Commercial Property Insurance
Most commercial real estate insurance programs include commercial property and general liability insurance. Commercial property insurance protects the building and your business equipment from damage by extreme weather conditions, fire, and vandalism. General liability insurance, on the other hand, provides coverage in case of lawsuits due to third party injury or accidents within your business’ premises.
The cost of your insurance premium will depend on the type of commercial real estate that you own and the kind of business or businesses that you operate.
With both property and general liability policies in your commercial real estate insurance program, you can be assured that if something happens to your business, the losses will not have too much of an impact on your bottom line.
If you’re interested in purchasing a commercial real estate insurance program for your business, our insurance specialists at Bennett and Porter can help.
Contact us for more information about our services.