Commercial Property Insurance – Tips For Getting the Right Coverage
Are you looking for a Boston commercial property insurance policy? If so, read this article for tips on getting the right coverage. We’ll go over the costs of commercial property insurance in Massachusetts and the benefits of General liability and business interruption coverage. This is a great way to protect your real estate. NextGen Realty can connect you with the right insurance provider for your needs. We’ll also discuss the types of coverage available, including building and contents damage, and what they cover.
Benefits of commercial property insurance
If you own a commercial property in the greater Boston area, you probably know how important it is to get insurance. A broad form, also known as closed-peril coverage, covers all the perils of a comprehensive form, plus additional coverage for specific perils. You should obtain this type of insurance for all businesses in Massachusetts, not just those in Boston. Here are some of the benefits of getting a commercial property insurance policy in Boston.
Small business insurance is another option for protecting your business in Massachusetts. This type of insurance covers small businesses, and is a wise choice for businesses with multiple locations. Boston businesses with employees should also consider purchasing commercial auto insurance, which covers drivers for their businesses. Not only does this policy protect them in the event of an accident, but it also covers repair and medical bills for the drivers. You should understand your policy and determine how it fits with your business.
Cost of commercial property insurance in Massachusetts
There are many factors to consider when determining the cost of commercial property insurance in Massachusetts. Different policies cover different amounts of property and certain perils. The amount of coverage you require depends on your specific needs, and your location. Obtaining quotes from several insurance companies will allow you to compare the cost of different policies. Then, you can choose the best one based on the price and type of coverage you need. Lastly, you should consider any extra coverage you might want to purchase.
Depending on the type of business you own, the cost of commercial property insurance in Massachusetts can range from as low as $500 to as high as $5,000. Although small business owners may be able to save some money on insurance, most businesses pay less than $1,000 a year. A mid-sized landscaping company with 20-30 employees could spend anywhere from $3,000 to $5,000 annually. Insurance rates are largely dependent on the type of building you have, so you may want to look into adding fire-retardant materials and updating the HVAC system to reduce your costs.
Business interruption coverage
When a natural disaster strikes, business interruption coverage may be triggered. Business interruption can result from severe physical damage to the insured property. For example, extreme cold can cause considerable property damage. The result can be extended downtime that may be difficult to recover from. To avoid such a setback, consider implementing an ingress/egress clause in your Boston commercial property insurance policy. This clause extends coverage for extended periods of time when an insured property cannot be used for its intended purposes.
There are two types of business interruption coverage. One covers lost income due to loss of operations, while the other covers certain payouts in the event of a disaster. It is important to consider how much you estimate your future profits and losses to determine the appropriate level of coverage. If the losses exceed the amount of your policy, you may have to pay for additional expenses. Consider how much your business will have to recover and the safety of your building before making a decision.
General liability coverage
When buying Boston commercial property insurance, remember that the type of business and product you sell will determine how much general liability coverage you need. Most small businesses need between half a million and one million dollars of general liability coverage. If your business is particularly high-risk, you should consider increasing your coverage. However, home-based businesses may only need a limited amount of coverage. To avoid financial trouble in the future, consider adding additional liability coverage to your Boston commercial property insurance policy.
General liability coverage for Boston commercial property insurance is especially important for those businesses in the construction industry. This type of insurance covers bodily injury and property damage, as well as advertising damage. It also helps pay for legal fees associated with such incidents. This type of insurance is particularly useful in the construction industry because of the high risks of accidents and injuries. Contractor’s liability insurance offers liability coverage for accidents, property damage, and libel and slander claims against contractors.