Ensure Your Insured - Why You Should Protect Your Commercial Property
Harm or damage coming to your home can be one of the hardest things to imagine. But when your commercial property comes under fire and you are uninsured? It’s a world of pain. Failing to protect your commercial property has many consequences that will impact all aspects of the business you conduct inside. Avoid those unwelcome surprises and find out why you should protect your commercial property with insurance.
Your business would probably survive if you closed the doors for a day. But how about two days? Or a week.. a month? Protection of your commercial property insurance covers loss of rent and outgoings, and gives you breathing room while while you are disrupted. We don’t know what tomorrow brings, and unfortunately not many properties can remain disrupted for too long and still bring revenue. Financial security cannot be underestimated, as it gives you the luxury of acquiring future commercial properties without the fear of disruption crippling your portfolio.
Liability protects and applies to both parties; property owners and landlords. Any claims of injury or damage to the property by third parties is covered under commercial property insurance. You have a legal obligation to make sure the property is in the condition that it should be, and no employees, clients or customers are at no risk by being there and can conduct their work in a safe and reasonable environment. Don’t be left unprotected, and operate your business with peace of mind.
You can’t predict the whims of Mother Nature or the state of your pipes and plumbing, and what it will inflict on your commercial property. While water damage may be far from your mind when you sign the dotted line, you will not want to be left uninsured and unprepared for bad weather or a plumbing emergency. Regular maintenance may also be a compliance factor to your insurer, and is a good habit to get into for your future assets.
You may feel you can control the goings-on inside, but the outside may be a different story. But it is still your responsibility. Personal injury claims can be filed from a passerby as “slips and falls” if your pathway or driveway has cracks or other damage that could cause harm to someone of the public. Understand just exactly where your property lines are, and what you space you are accountable for. Being covered by insurance will allow you to fix the damage and not have claims take too hard of a hit on your business.
Most of us generally abide by the rules of the law, but it’s not the case for those select few. And your commercial property? It could potentially be a target. Malicious damage does not only result in an eye sore, it can also make your commercial property unsafe depending on what is inflicted. Having your commercial business protected against vandals and the ill nature of property damage will save you in the long-run as these acts can be unpredictable in nature and frequency, regardless of the location of your commercial property.
Securing your first commercial property is an exciting time, the first step in building your commercial portfolio. Without the appropriate insurance in place, these assets can hemorrhage money and pose a danger to your tenants and future acquisitions. Understand the benefits and advantages of insuring your commercial property and protect your future.