There are many different aspects of commercial property buildings insurance. With coverage ranging from general liability to contractual obligations to errors and omissions, most anyone in the industry can benefit from commercial property insurance.
With stricter rules and regulations in the mortgage industry, lending institutions can lessen their risk for lawsuits and liability with commercial property insurance. A policy can be tailored to the specific needs of your business and cover unintentional wrongdoings of employees at every level—from the loan officer to the chief executive officer. Errors and omissions typically covers court costs, legal defenses, and judgments.
Real estate developers can also benefit from commercial property buildings insurance.
The everyday risks associate with building and developing commercial property doesn’t just affect the structure itself; the building materials and equipment on the jobsite are also subject to damage from natural elements not to mention vandalism and theft. Commercial property insurance with a builder’s risk clause will cover supplies and equipment from the moment it arrives at the jobsite.
Property management companies, hotel chains, and real estate investment trusts alike can all decrease their risk and increase their profitability with commercial property buildings insurance. If these things are important to you, contact a licensed insurance agent for an assessment of your company’s areas of risk. They can design a policy to protect you, your company and its assets.