Commercial Building Insurance
Owning a commercial building allows your company to earn profits from the needs of other companies. Your customers are the businesses that rent space in your commercial building. Your primary responsibilities are to your customers, but as the owner of the commercial building you also have obligations to the people who visit your building. You must maintain the common spaces, keep your building safe and secure, and take care of the day-to-day business responsibilities. Help yourself with some of these tasks by carrying the right types of business insurance coverage.
General Liability Insurance For Buildings
Commercial liability insurance is an all-around broad level of policy that covers many types of commercial risks and hazards. It protects your company from suffering financially when customers become physically injured, or if they file legal actions and suits against your business for alleged mistakes or accidents. General liability protection expands automatically if you add new locations, products or services. Several types of coverage provided for with general liability includes:
General Liability Insurance Includes:
- Premises Liability – Premises liability protects your company from legal issues that can arise when people get hurt or property gets damaged in your commercial building. If a visitor is injured by a defective elevator for example, or because there are no wet floor signs in the bathroom after it has been cleaned, they may sue your company. Premises liability protects you by paying for the customers medical bills when they are injured, or paying for repairs and replacements when their personal property is damaged.
- Products Liability – Products and advertising liability protect your company when problems arise due to products you sell or advertisements you run. If, for example, your commercial building runs an advertisement that a competitor feels is slanderous towards them, they may sue your company. Products and advertising liability helps pay for your legal defenses when cases like this arise. It also pays for damages or injuries if applicable, and settlements or awards.
- Completed Operations – Sometimes customers feel that they have been harmed by your company after you render services to them. Completed operations coverage protects you from these types of lawsuits by helping to pay for your legal defense costs. It also pays for damages or pain and suffering, along with other related judgments or awards.
Business Owners Policy
A Business owners policy, or BOP, will provide you with general liability protection. It also gives your company a means of directly protecting its intangible and tangible assets. A BOP can be custom configured to provide just the coverage and levels of protection you need for your company. Option examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance
If you or members of your work force drive for business, a business auto insurance policy protects you from common financial suffering that is caused by auto accidents. It pays for physical injuries, harm and property damages when you’re at fault. Additional levels of coverage protects you from uninsured motorists, hit and run accidents or other risks such as fire and theft.
Workers Compensation Insurance
The people that you employ in your commercial building must be covered by workers comp insurance. This is mandated by law in most states. Workers compensation coverage pays for your employees medical bills and related expenses that arise when they are injured on the job.
Commercial Umbrella Coverage
Commercial umbrella insurance provides you with extra protection after you have reached the maximum benefit payout limits in your other business insurance policies.