What Insurance Do You Need For Your Commercial Real Estate Business?
The one thing I have learned through my many years in Commercial Real Estate, is that this is one of the biggest investments you will make. Those investments need to be protected, the same way you would protect your kids or even your sports car.
I know it can be time consuming putting together all of the information we need for an accurate quote. But it’s WORTH it. Data is so important. The idea of just getting all of the information together makes you cringe. But think about it this way, would you buy your business property, without getting what you need to make your business functional? A few weeks ago, I helped a smaller investor save almost over $4,000 on two properties, because all of the information was provided. I was able to get things rated properly, provide the best coverage, and save money. What could be better?
The biggest mistakes I have seen from Commercial Real Estate Owners, is that they do not have a risk management strategy, they are underinsured, and the cost replacement on the building is not accurate. All of these things are SO important in the event of a loss. Being properly insured now, saves you the headache and the money that could happen later.
As a rule of thumb, I always recommend General Liability/Business Owners Policy, Workers Compensation, if you have employees, and Cybersecurity. There are tons of different options for coverages we can offer, but we focus specifically on your needs and create a package policy tailored to you.
The difference between General Liability and the Business Owners Policy is the addition of property coverage. This covers business personal property and/or the structure of your business. Let’s say somebody slips and falls in or on your property, and files a lawsuit. Your General Liability insurance would cover this. If a fire breaks out, and destroys everything inside your building, your Business Owners Policy would cover this.
More recently it’s become clear to me that in 2021, a Cybersecurity policy just makes sense. With the recent event of the Colonial Pipeline being hacked, it’s clear to me this should be something Business Owners need to take more seriously, because it can happen to anyone at any time. Imagine all the data you have on a work computer- emails, credit card information, addresses, phone numbers, or even text messages. All of this needs to be protected the same way your building is.
Insurance can be scary, confusing, and quite frankly annoying. But in the long run, it is important you understand exactly what you need, to fit your needs. Having the proper coverage now, protects you for the unknown later.
Call or email Mike Foundos today for a review of your current coverages to make sure you are property protected.
M: 410-533-0591 E: mike@reillyinsurancegroup.com