The commercial real estate market is one of the largest industries in the U.S. with a $16T economic impact.
If you own commercial real estate in post-pandemic America, you know how hard you have to work to keep your business up and running.
Do you have the right protection in place to cover your property in case of an accident or other threatening event?
Do you own commercial property in Chattanooga? If so, you want to make sure you're covered for any unexpected incidents. Keep reading to find out more about what type of commercial property insurance you need.
What is Commercial Property Insurance?
It's a type of insurance that covers the commercial building and any contents owned by the company. Under a commercial property insurance policy, "property" includes lost income or business interruption and things like computers, valuable papers, and buildings.
Types of Commercial Property Insurance
Keep your business protected with these types of commercial property insurance.
General Liability Insurance
Under a commercial property insurance policy, it's important for all Tennessee businesses to have liability insurance. It covers risks like customer injury and property damage and advertising injury.
It protects a business from the expenses associated with lawsuits and most commercial leases require it. Professional property management associations often recommend it.
Liability insurance also covers fire, burglary, and vandalism. It's a good idea to have coverage for the aftermath of such events as well.
Workers' Compensation Insurance
Workers' compensation insurance is a requirement for any business that has employees. It covers medical costs and wages lost due to work-related illness and injuries.
This protection is important as healthcare expenses and employee lawsuits related to workplace injuries or occupational illness can be astronomically expensive.
Insurance carriers recommend a policy to cover the high cost of a malicious software attack or data breach. It also covers expenses related to notification of customers, credit monitoring, legal fees, and fines.
A cyber attack can put you out of business so it's important to protect yourself.
Errors and Omissions Insurance
This type of policy is also called professional liability insurance. It covers the cost of a lawsuit coming from a client claiming that your work performance was inadequate. A client can claim your work was late, inaccurate, or never delivered.
The policy protects the policyholder from claims such as mistakes, oversight, or professional negligence. Sometimes clients require this coverage and will stipulate that in the contract.
Some states mandate errors and omission insurance for certain professions. The state of Tennessee recommends it to business owners.
Managing Your Commercial Property
Now that you know what type of commercial property insurance you need in Chattanooga, you can make sure your property is covered.
If you need help managing your property or with commercial property maintenance or property tax management, our Chattanooga property management company can help. We offer a comprehensive suite of services that go beyond collecting rent, handling building repairs, and facility management.
Contact us today to schedule a consultation or call 423.641.1895 for immediate assistance.