Office Buildings Insurance
Getting insurance will protect you by providing coverage should there be a problem to the building that needs to be addressed. Office buildings house many tenants, which include supermarkets, banks, chemists, restaurants, etc. The lease can be short-term or long-term, depending on the agreement signed.
Office buildings insurance offers protection to commercial property in case of lawsuits and claims.
Cost of Office Building Coverage Insurance
Many factors will determine the cost of the office building insurance policy. It is based on the office building assets, which include the office structure and the contents inside. Other factors include
- Location of the building
- Materials used to construct the building
- Size of the building
- Security systems installed such as CCTV cameras, water sprinkler systems, and fire alarms.
What Office Building Insurance covers
Office building insurance policy covers the building structure and the contents inside. It covers the following elements.
- Physical elements of the building-roof, walls, windows, flooring, and doors
- Office building signage
- Walkway and landscape
- Furnishings- seats, desks, and filing cabinets
- Inventory inside the building
- Supplies stored inside
- Employees personal effects- bags, clothing
Should the office building be destroyed by a fire and the building is closed as renovations are ongoing, the policy will cover the wages lost. Other risks to the office building include theft, vandalism, pipe leaks, and explosions.
To know the best policy coverage for your office building, consult a licensed insurance agent who will advise on the best policy to purchase.