CHAPTER 26 Insurance f ance for Your New Building our New Building Regardless of whether you are required to or not by the state, you need to insure your new space and the things and people inside of it. This isn’t very different from getting other types of insurance. It may be much more complicated though. Your assets are everything and you need to cover them all. It was different before, when you were a tenant. You may have only needed to insure your own equipment. Now, you need to take care of everything. You also need to pair your property insurance with liability insurance. If someone gets hurt on your property, they could sue. Shopping for insurance gets confusing and complicated with all the different policy options. Use your broker as a resource and find the policy that fully covers your building.
COMMERCIAL PROPERTY INSURANCE
This type of insurance can be required by banks to get your financing to buy the commercial property. It may not always be required. However, I recommend getting this. This insurance covers damage or loss to the property. A solid policy will cover the property’s fixtures (lighting, carpet, walls), equipment and machinery, office furniture, inventory or supplies, and any other personal property that belongs to the company and is kept at the office. There are three basic types of this coverage: basic, broad, and all- risk coverage. 156
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