4 Types Of Insurance You Need If You Purchased An Apartment Building
If you just purchased an apartment building, you are going to want to make sure that you have the right type of insurance and protection in place. With an apartment building, there are all sorts of risks that you face and that you are going to want to protect against with the right insurance.
Business Property Insurance
To start with, you are going to want to have business property insurance. This will cover damage to your apartment building from unforeseen events. Unforeseen events are things such as storm damage and fire damage. Business property insurance will ensure that you are able to fix up your business if it is damaged by an unforeseen event.
This type of insurance also covers damage to equipment for your apartment building, such as a commercial snow blower or lawn mowing machine as well.
Business Liability Insurance
Every business should carry business liability insurance, and when you own an apartment building and rent it out, you are running a business. Liability insurance covers you if someone is hurt on the premise of your apartment building. For example, if a client trips and gets hurt when touring your properties, that would be covered by your business liability insurance. Or if a delivery driver were to fall down at your apartment buildings, it would cover that too. Business liability insurance will protect you when other people are injured and incur medical bills due to your apartment building.
Business Crime Insurance
Next, you are going to want to carry business crime insurance. This will cover losses that your apartment building experiences due to activities such as vandalism or robbery. For example, if someone comes by and breaks all the first-floor windows or puts graffiti all over the side of your apartment building, your business crime insurance would help take care of these costs.
Building Ordinance Coverage
When you own an apartment building, you are responsible for staying up to date with building codes in your area. When the codes are updated, you have to make sure that your business is updated as well to reflect these changing codes. Building codes, for example, are often updated after major storms or changes to an area. With a building ordinance coverage, you will get assistance with getting your building up to code after new codes are put in place.
Be sure to talk to your insurance agent and see if there is any other type of insurance that you should carry. You want to make sure that you minimize your risks when you own an apartment building. To learn more, contact a company like Steve Younglove Insurance.
