Having insurance on a commercial building Houston, TX is the best way to protect your business property and assets. Business property insurance can protect the building and its contents. Texas Insurance Agency can help you figure out if this type of business insurance is the right one for you. And, if you’re dead set on getting a policy, we can help you determine how much coverage you need.
What is business property insurance?
Some types of insurance, like commercial building insurance, protect businesses financially in case of natural disasters, accidents, theft, or loss of business property. As well as the building itself, this can cover things like tools, furniture, inventory, and fixtures that are inside the building.
Commercial buildings can get different kinds of insurance depending on your needs, such as:
- Property insurance covers damage to the building and its goods caused by things like fire, theft, vandalism, and natural disasters.
- Liability insurance shields the company from lawsuits that come from injuries or damage that happen on the property.
- If your business stops because of damage to the building, you can get business interruption insurance to cover your lost income and operating costs.
- Commercial auto insurance covers damage or injuries that happen while using company cars if the company owns them.
- Workers’ compensation pays for a worker’s medical bills and lost wages if they get hurt or ill on the job.
- Many business property policies don’t cover flood damage, so if the building is in an area that floods often, you may need a separate policy.
What kind of insurance a business should get for its industrial building and how much it should cost should depend on the risks that are unique to that business. Texas Insurance Agency can help you determine which ones will protect your business from all sides. Contact us to get your free quote for insurance on a commercial building now.
The Crux of Insurance on a Commercial Building Houston, TX
Business property insurance, which is another name for commercial building insurance, protects a company property against a number of risks. Some of these risks are fire, blasts, storms, theft, and damage to property. The insurance usually covers the building itself as well as the business property kept inside, like computers, equipment, inventory, and furniture.
Businesses need this kind of insurance because it protects them financially against losses or damages that come out of the blue due to the risks that are covered. That way, the business and property can be brought back to normal without costing the owner a lot of money.
Coverage for business building insurance can be roughly divided into two groups:
- Building Coverage: This covers damage to the construction of the building, such as the walls, floors, roof, and any permanent fixtures or installations.
- Accessory Coverage: This protects the business property that is inside the covered building. This includes goods, furniture, tools, decorations for the inside of the business, and other things that are owned by the business itself.
You can find out how much business property insurance you need and how much it costs by looking at things like the property’s value, the type of company, its location, and how vulnerable it is to risks. Businesses often get commercial building insurance along with business interruption insurance to cover lost income due to a covered disaster and liability insurance to cover legal fees for accidents that happen on their land. This gives them full protection.
Do You Need Property Insurance When Renting?
Yes, you would still need protection even if you were renting a business building. Usually, the building owner’s insurance covers the building itself. However, you should have your own coverage to protect your business property, any changes you’ve made to the leased space, and your liability in case someone gets hurt at your location.
People usually call this kind of insurance “General Liability insurance” and “Business Personal Property insurance.” Business personal property insurance covers things like inventory, furniture, and tools that are inside the building. General liability insurance, on the other hand, would pay for your legal fees if someone sued your business for injuries or damage they got on your property. For the most accurate information based on your wants and situation, please talk to an insurance agent.
Who Needs Insurance on a Commercial Property?
Anyone or any business that has a financial stake in a commercial property needs to have commercial building insurance. People in this group include investors, renters, building owners, and property management companies. If you own a building or rent it out, insurance can help you avoid losing money because of things like fires, theft, or other damage to your property. It can also protect you from being sued if someone gets hurt on your land.
For commercial tenants, the landlord may have insurance for the building itself, but it usually doesn’t cover the tenant’s business property, fixtures, or changes they make to the area they rent. Because of this, renters would need their own insurance to cover these things in addition to liability insurance.
Investors or financial groups that have a stake in the property also want to make sure the building is properly insured since any loss or damage could affect their ability to get their money back. Also, having some kind of business building insurance may be required by law in many places. So, we strongly advise that you talk to an experienced insurance agent to make sure you have the right policy for your needs.
Getting the Insurance You Need Now
Texas Insurance Agency is a Houston-based insurance brokerage that partners with many local and major insurance companies to provide our clients with all the insurance on a commercial building they need. Call our office to schedule a consultation or hear more about your options for insurance for a commercial building.
Houston, Texas Fun Facts:
- There are over 150 museums in the city.
- The Galleria is the largest shopping mall in the state.
- JP Morgan Chase Tower is the world’s tallest five-sided building.