Business Real Estate Insurance Coverage
Your business real estate is a tremendously valuable asset. As an owner of an office building, professinal office building, condominiums or retail property, you need to have the right kind of insurance protection and risk management plan in place in order to protect your valuable asset and the income it produces. We specialize in helping owners of all types of office buildings with their insurance program. Because we specialize in this area, we have access to specialty insurance products many other agents do not. We take the time to understand your property, your business, the tenants you have in your building, and your propensity for risk. We then come up with custom recommendations for you. Things to consider in your insurance and risk management program:
Property Coverage- this includes the building structure, property used to maintain the building, indoor fixtures, and flooring.
Physical Damage or Loss Coverage - protects against risks like vandalism, fire, lightning, explosion, windstorms, hail, and smoke damage.
Lost Business Income Coverage - pays the income your business loses and extra expenses incurred due to damage to your property and loss of income/rents. This can also include coverage for your ongoing employees payroll expenses.
We have programs that can also include:
No deductions for depreciation- properties are generally protected based on their replacement cost –which can be very different than the market value of the property. We have programs where there is no deduction for depreciation. Note, however, to qualify for this type of coverage, your property must be insured for at least 80% of the value of your insured building; otherwise, you may not be able to recover the full amount of your losses.
Newly acquired property - We can provide temporary coverage for newly acquired or constructed buildings that you've owned for up to 30 days, after which you will need to put permanent protection in place.
We are here to help. Contact us, and we will have one of our specialists review your situation.