COMMERCIAL PROPERTY INSURANCE
This type of insurance can be required by banks or the landlord to get your financing to lease a commercial property. It also may not always be required. I recommend getting this. This covers them for damage or loss to the property. A solid policy will cover the property 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. • Basic — The minimum you can have. It will protect the company against fires, storms, floods, and vandalism. • Broad — This is the basic coverage plan plus window or structural damage plus water damage. • All-Risk — This covers everything the other two cover in addition to theft and any other physical loss. Take note that risk of theft is only covered in the last type of commercial property insurance. This is why inspecting and knowing your building’s after-hours security is important. A lot of the time this and liability insurance is required for your lease, but as I said before, it’s not always the case. The landlord may have their own policy that covers the building and not have to worry about your expenses being covered if any of these events were to happen. Making sure all your property is covered is a mandatory step, even if your lease doesn’t require you to.
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