Owning business property is a big undertaking, making commercial real estate insurance a vitally important asset. Protecting your property from harm, loss of income, liability, and equipment issues, the right policy can have a major influence on the success of any commercial venture. Whether you own an apartment building, a strip plaza, a warehouse, or an office building, commercial building insurance is an essential part of protecting your operations.
Building coverage is exactly what it sounds like: coverage for your building. When a pipe bursts, weather destroys the roof, or someone vandalizes your property, building coverage is your safety net. When damage occurs to any part of your property, both inside and out, building coverage guarantees that repairs can be made appropriately and in a timely manner.
If a tornado takes out your building, can business go on? If someone steals your computers and files, can your employees continue to work? Loss of income protection is a safeguard in place for when business cannot continue as normal, providing insurance recovery in the amount of income lost due to property damage, funds to pay routine bills, and support for relocation if necessary
No matter how safe your commercial property may be, accidents can happen anywhere. Premises liability coverage provides protection for actual or alleged injuries or harm that occur on your property, both to employees and customers. If a patron slips, falls, breaks his arm, and decides to sue, premises liability insurance is there to cover the costs and damages associated with a lawsuit.
If your business relies on heavy equipment or expensive technology, a loss or damage to business assets can seriously interrupt your day-to-day operations. Equipment breakdown covers things like a power surge ruining computers or accidental damage to machinery, compensating for the cost of new equipment as well as labour, shipping, and any loss of income that may have occurred.
When you make an investment in a commercial property, sufficient protection is a critical part of successful business operations. Commercial real estate insurance protects against many threats to your daily operations, including building, premises, equipment, and loss of income coverage, offering the safety net you need should anything go wrong.
To find out more about commercial real estate insurance, call Sean McNamara at Mitchell & Whale Insurance Brokers today at 1-800-731-2228 or email me at firstname.lastname@example.org. I’d be happy to help you with any type of business insurance you may need.
Want to add to this story? Let us know in comments below! Mitchell & Whale is a fast-growing insurance brokerage in Ontario, striving to make insurance _not suck_ one customer at a time. Give us a call today to discuss any of your insurance needs at 1.800.731.2228.