Owning property can be financially rewarding, whether you are leasing apartment units to renters or commercial space to businesses. Whether you own one property or several, you rely on your units to produce revenue. If your property were suddenly damaged or became uninhabitable, could you afford to rebuild and start over again? At Harnish Insurance, we help property owners find commercial insurance that covers a wide range of damage and loss – all at affordable, competitive prices.
Commercial Units
If you own retail, office, or warehouse space, you probably work with commercial tenants. These businesses are relying on you to provide a functional and safe space according to your lease agreement. If something goes wrong, they could sue you for the damages. In addition, a fire or natural disaster could render your commercial units useless until they are repaired or rebuilt. How would you cover your ongoing expenses? Could you afford the loss of revenue while you wait to find a new tenant?
If you own commercial units, getting the right insurance is essential. Even if you require your business tenants to purchase their own property and liability insurance (a good idea since it adds an extra layer of protection), you still need insurance to hedge against loss. Always work with an independent insurance agent to determine how much and what types of coverage you need, as well as the measures you can implement to aid in loss prevention.
Residential Buildings
If you own residential buildings, such as apartments, duplexes, and rental homes, your risks are different than those of a commercial landlord. There are the standard property risks, such as a fire in one of your units or the office building, and then there are the habitational risks, such as the potential for black mold that causes a tenant to fall sick. While some incidents may be the fault of your tenant or their guests, you could still be sued for damages, which could require an expensive legal bill. If you are determined to be at-fault for an injury or loss, you may have to pay for the damages. To help minimize your risks, talk to your agent about implementing a renters insurance requirement for your tenants You should also determine which types of coverage may be suited to fit your needs.
Types of Commercial Property Insurance Coverage
Your commercial property insurance may include protection for many different types of losses. Examples include:
Property Insurance
This insurance helps compensate you for damages to your business property. This includes your signs and sidewalks, exterior and interior construction, office spaces, furnishings, computers, and more. If you own residential property, your property insurance can help pay to rebuild lease units after a covered loss. Generally, property insurance damages are subject to your deductible and the limits of your policy. To assure you get adequate compensation for your losses, we recommend talking with your agent about property insurance that covers the full replacement value of your commercial belongings – not just the market value.
Business Interruption
If a covered event drives all of the tenants from their uninhabitable apartments, you could lose rental revenue. Likewise, you could see an interruption of cash flow if an office building you own burns to the ground. Be sure to protect your business against loss of income with insurance that temporarily covers ongoing expenses and revenue loss while you rebuild or repair your commercial space.
Liability
Liability insurance is a critical part of business ownership – especially if you own property or provide services and goods. General liability insurance, for example, can help cover your legal fees and financial responsibilities if a branch or light post in your parking lot falls onto a parked car or if a guest falls due to a broken stair rail you haven’t got around to repairing. In addition to general liability insurance, you may also need additional coverage for major lawsuits. A commercial umbrella policy can provide supplemental high-limit liability protection when litigation expenses exceed the limits of your primary liability coverage.
Be sure to talk with your agent about other liability insurance options that may be essential for your business model. For example, you may benefit from cybercrime liability insurance if online criminals steal sensitive tenant information when hacking your databases.
Commercial Auto Insurance
If you own maintenance trucks or other vehicles used for your rental business, make sure they are insured against damages and loss. We offer commercial auto insurance that can cover collision and non-collision damages to your vehicles, as well as protection against accident-related liability if you or one of your workers causes a collision that results in third-party injury or property damages.
Workers Compensation Insurance
If you employ one or more workers, you probably need workers compensation insurance. This coverage is required by law in the State of Arizona for almost all employers – including those who employ part-time workers, family members, or minors. Workers compensation insurance can help pay for medical bills and rehabilitative costs due to workplace injuries – even if your business is not at fault. In addition to taking care of your workers, this coverage also helps safeguard your business against employee lawsuits.
Commercial and Residential Property Insurance Quotes
There are a lot of commercial and residential properties in the greater Mesa area. At Harnish Insurance, we know the risks you face as a property owner and landlord. Let us help you find coverage that protects your investment, income, and assets for years to come.
If you own an apartment building, commercial retail space, or other rental units in Mesa, Arizona or the surrounding areas, contact our office to request your free insurance quotes today. We look forward to serving you soon.
