Know The Costs Of Commercial Property Insurance Per Square Foot

Are You Looking For Commercial Property Insurance Per Square Foot Rates?

Here's What Determines The Costs Of Commercial Property Insurance Per Square Foot

If you are a real estate investor, then you have probably considered the costs of commercial property insurance per square foot.  If you haven't, it's important that you keep specific rates in mind when shopping for insurance, whether you have one property or several.

Insurance is a necessity, but that does not mean you have to pay a lot for it!  That is why knowing rates before hand, and what affects them, will help you get the best rates for your insurance needs. 

What Is Commercial Property Insurance Per Square Foot

True to its namesake, this is the amount of insurance you will pay depending on how large or small the commercial property is.  It stands to reason that if you have a larger property, then you are going to pay more in insurance.

In addition, there are also other factors that will determine the specific rates that you will pay in insurance, such as what the property is being used for, if there is any current or ongoing construction, and so forth.

How To Determine The Rates Of Commercial Property Insurance Per Square Foot

As mentioned previously, the rates you will see will largely depend on the specific factors associated with your commercial property investment.   Your insurance agent should know exactly what questions to ask to get you the right insurance for your needs!

What Insurance Does An Electrical Contractor Need

What Insurance Does An Electrical Contractor Need?

You NEED The Right Kind of Insurance, Or You May Be Held Liable

If you are an artisan, a contractor that specializes, you may have asked yourself, "What insurance does an Electrical Contractor Need?"  You could ask this if you were looking into insurance as a plumber, HVAC, or other type of artisan.

Or, if you are a real estate investor that is looking for additional coverage for the contractors you hire, you may have also considered the question:

What Insurance Does An Electrical Contractor Need?

First and foremost, General liability is needed to protect you, even if you are the real estate investor who is contracting out employees.  It is important to remember that, if you are a real estate investor that is subcontracting work, then this automatically makes you a General Contractor.  Thus, you need the right coverage.

In addition, for specific artisans, specialized insurance, such as Electrical Contractor General Liability Insurance would offer additional coverage that General Liability would not cover completely.

Why General Liability Isn't Enough!

General liability, true to its name, is very general and thus, only gives you the basic in insurance.  This means that you are left exposed if you do not have the right coverage, or if the coverage you have has insurance gaps.

Don't be left exposed!  Let us help you find the right insurance for your needs!

What is Fire legal Liability Endorsement and What Does it Cover?

business fire insurance
business fire insurance

Do you know what a Fire legal Liability Endorsement is?  How about whether or not you have a potential fire legal liability.  Here's what you need to know:

Do You Have Fire Legal Liability? 

In mere minutes, a fire can wreak havoc and cause major damage to any business. The devastating inferno could cause your property to go up in smoke, and your finances, too.

When reviewing your business insurance, don’t wrap up your documents without securing fire damage legal liability. Anyone who wants to succeed in their business should be properly insured and fire damage and liability are a very real concern for many business owners.

What Is Fire legal Liability Endorsement?

It is known as both Fire Legal Liability or Fire Damage Legal Liability. In some documents, it can be referred to as "damage to premises". Fire damage liability is typically provided as an exception to most policy exclusions for the insured property.

Why is it important to have fire insurance for business?

A fire disaster is a businesses’ worst nightmare. And yet not enough businesses take the necessary steps to guard themselves against potential damages and secure business fire insurance.

We know how hard it can be to navigate the legal system, so here are some tips for getting commercial property fire insurance for your business.

How Important is Fire Legal Liability in Property Lease Agreements?

Does liability insurance cover fire in a standard business policy? In many cases, it does not.

Don’t skip over fire liability, as it’s a key point in policies. Having this clause included can provide coverage for property damage due to a fire to the leased or rented property. It is especially key if the fire and damage were caused by someone else’s negligence.

what is fire legal liability?

What Exactly Is Covered in Fire Liability Insurance?

Fire insurance will normally cover the damages and losses directly caused by the fire. In some cases, this coverage can help to replace, repair, or reconstruct your property after a fire. The property insurance policy will have a set limit, which you will discuss and agree upon with the insurance firm.

Fire damage legal liability is usually limited to only fire losses and can only be applied to the leased or rented premises ‘occupied’ by a tenant. It does not cover any specific damage to the body of persons affected by a fire, or emotional and health problems that ensued as a result of the disaster.

Because some insurance professionals often focus more on other major coverages, the business fire insurance policy is often overlooked.

Always Read Between the Lines

Some owners wonder if liability insurance covers fires. Unless spelled out, it may not.

Before you sign any lease contracts, ensure that you are covered if damages from fires occur. If not, you may be forced to pay the damages. Unless you have additional insurance in advance, it does not matter whether the fire was caused by negligence, or by a natural disaster. You may be held responsible.

As part of your risk management strategy, you should always review lease agreements periodically. Taking a proactive approach to risk is the only way to ensure your full security, safety and prevent financial problems.

Learn more about Fire Liability and Insurance from Benchmark Brokers

 

At Benchmark Brokers, we understand the hazards and risks many businesses and their owners face. We specialize in providing insurance for all types of properties, from office buildings to apartments and commercial spaces.

You can learn more about Benchmark's commercial property insurance by visiting our website or scheduling a call. Contact us online today!

Our experienced agents understand your challenges and are committed to working with you to provide the best coverage. Our flexible pricing plans are reasonable and affordable. We always evaluate your needs and give you options for deductibles, limits, and requirements.

Contact us today to get an insurance quote from Benchmark, or ask any other questions regarding commercial property insurance in Texas.