Building Owners Insurance - Office Buildings & Industrial Plazas
Everything You Need to Know About Building Owners Insurance
Protecting your commercial property is a crucial aspect of your business’ financial stability. At James Campbell Insurance we offer building insurance that can cover everything from office buildings to industrial plazas, to brick and mortar stores and more. Commercial property insurance is designed to help protect your building and contents of your business against loss or damage from a wide range of perils.
Fire, hurricanes, ice storms, earthquakes, and water damage are only a few examples of natural disasters that business owners need to think about. In addition, vandalism poses a significant threat to business operations.
There are two types of commercial landlord insurance policies: all risk and named perils.
All risk insurance will cover your business for incidents that arise from an insured peril that your insurance policy does not specifically exclude. In a named perils insurance policy, only those losses specifically stated in the policy will be covered.
Building owner insurance can be further classified into two categories: residential and commercial buildings. For example, apartment buildings, low-rise buildings, industrial plazas, commercial plazas, office buildings, and retail plazas are included in these two categories.
Getting accurate coverage on your building owner’s insurance policy is crucial to make sure that in the event of an insured claim your building is put back in the same condition as it was prior to the loss.
Enhanced Coverage Options for Your Commercial Landlord Insurance
You have the option to build up your commercial property insurance with different custom extensions, such as:
Business Interruption
If your commercial property is damaged or destroyed by a loss like fire or water damage, your business operations and income could be negatively impacted and temporarily interrupted. This is where business interruption coverage can come in handy. This coverage will help compensate for any loss of income as well as any extra expenses incurred while your commercial property is being repaired or replaced.
Earthquake
If you live in an area that is prone to earthquakes, then getting earthquake coverage for your business property is available in case of any damages caused by earthquakes, earthquake-induced avalanches, snow slides, or landslides.
Flood
If you live in an area that is prone to flooding, adding flood coverage to your business insurance is available in case you experience damage caused by flood waves, tides, tidal waves, tsunamis or the breaking out or overflow of any body of water.
Sewer Backup
Sewer backup coverage protects the area bounded by the bearing walls and foundation of your building if there is ever an event of damage caused by the backing up or overflow of water from the sewers, sumps, septic tanks, or drains.
Unique Coverage Options for Your Policy
These are some examples of other unique coverage options, should your business need them:
Underground Utilities Extension
This will extend your building owners insurance coverage to cover sewers, drains, or water mains underground within your property lines.
Expanded Definition of Building
This expands your building to include the appliances, office contents, computers, and other property which are used to run your business.
What are the benefits of building owners insurance?
There are many associated benefits with your building owners insurance, including:
Speedy Recovery Process After a Loss
When you suffer a loss to your small business it can be a difficult or traumatic experience. The longer it takes for you to get back up and running, the more it will cost you. In cases where damage is done to your property as a result of an insured peril, your coverage can help get you back on your feet quickly, which can make all the difference in mitigating any long-term effects of the loss. With a building owners insurance policy, your downtime will be shortened so you can maintain your business’ continuity and protect your reputation with your clients.
Assistance With Any Repair Costs
In a situation where your business suffers a covered loss your commercial property insurance policy is able to help cover the repair costs to help get your business running quickly. For example, if your commercial property’s storefront gets vandalized, preventing your customers from entering, then the right insurance policy will help you get the problem fixed immediately to help keep the costs to your business low.
Let James Campbell Insurance Help You With Your Building Owners Insurance Today
At James Campbell, we put you first. Our clients are our top priority and the backbone behind everything we do.
We can help provide you with protection from insuring your first car, your first home or business or even giving you protection during your retirement travels. Whatever you need coverage for, we’ve got your back. We will make sure that you are ready to live a life free of stress or worry so you can focus on life’s important moments each and every day.
James Campbell Insurance Brokers have been taking care of our members for over 40 years. This is why we are able to make insurance easy by offering you the right solutions at the right times. Our solutions are tailored to fit your individual needs, no matter what they may be.
FAQs
If you are interested in lowering your insurance premium, speak with your insurance broker about the following:
- Increasing your deductible (your share of the cost of a claim). By increasing the amount of the deductible you are willing to pay, you will decrease your premium;
- Dropping your collision coverage on an older car;
- Bundling your car and home insurance with other types of insurance with the same insurance provider;
- Buying a car with a lower-cost insurance rating.
For an Auto Insurance quote, your driver’s license number, insurance history and driving records are important factors in getting an accurate quote. For a Home Insurance quote, details on the home, such as year built, square footage, style of home and updates on the roof, electrical, heating, and plumbing are all important factors in determining the premium. Additional factors, such as acreage, swimming pools and ponds all play a role in determining the coverage you will need along with the premium.
