Having one or more types of property insurance is mandatory. But beyond what mandated by the law, most building owners need more protection.

Here are four types of building insurance that we believe are essential for any type of business in the United States.

Business Property Insurance

This insurance policy differs from standard property insurance which typically protects the assets stored in the property as well as the property itself from damage such as fire, leaks, and so on. However, business property insurance does not cover burglary or natural disasters. A company must purchase additional insurance to protect its property from such losses. This type of insurance is appropriate for any type of business that your building is associated with, such as a small business, leased out space, or a warehouse used for operations.

A business property insurance premium is determined after the property has been valued. For example, if your building or business is more vulnerable to hazards, the premium will be higher. When it comes to valuation, the location, industry of work, and other such factors are accounted for deciding the premiums.

Earthquake Insurance

Earthquake insurance is just as important as flood or fire insurance because natural disaster damage is not covered by standard property or homeowner coverage. In such a case, earthquake insurance is the best bet because it protects the property from minor and major disruptions due to this natural disaster. Earthquake insurance covers not only the structural damage but also any damage to furniture, appliances, and other asset on the property.

The location of the business is one of the major factors that determine the premium of earthquake insurance. Prices may be higher if the area is more prone to such disasters or if the property has a similar history of claims. Furthermore, buildings in poor condition are subject to higher premiums because they are more likely to be destroyed during an earthquake.

Landlord Insurance

Landlord insurance is an excellent solution for small businesses or individuals who have leased property and want to stay away from paying for any kind of losses that occur while renting this property. Any damage to the property needs to be the tenant’s responsibility, which means the landlord is free from all liabilities. 

If the landlord loses the rental income due to any circumstances, then this insurance policy helps them claim the lost revenue as well. If the tenant is involved in vandalism or theft, then the insurance policy gives full coverage against the loss as well.

The insurance premium is determined by the value and location of the property, the types of risks present within the premises, or the amount of coverage taken by an individual to protect themselves. Landlord insurance can be purchased in addition to other property damage insurance policies.

Liability Insurance

Accidents occur frequently in commercial properties, either to visitors or employees. Liability insurance covers both bodily and property injury liabilities incurred because of your business. In such cases, the victim is entitled to compensation, and the owner or renter of the property is obligated to pay the damages. 

The standard homeowner policy or commercial building policy may not provide adequate coverage, so purchasing liability insurance as an add-on can be a great way to ensure complete protection.

The premium for liability insurance is heavily influenced by the risk associated with the kind of business your company conducts or is part of. The higher the premium, the greater the risk surrounding the premises. However, this premium can be significantly reduced by reducing the risks associated with handling the machinery or operations and ensuring that the risky areas are fully protected to prevent visitors from getting harmed.

Businesses can also look for renters insurance or condo insurance depending on the type of property they own or if they require additional protection due to the risks involved in keeping things running smoothly.

You may be looking for an insurance renewal that is ideal for your small business’s wants and needs. At Gonzalez Insurance, we provide precise property valuations and recommend exactly what your business requires, nothing less, nothing more. All our policies come with no deductibles, so you’re always getting a good deal at Gonzalez Insurance. Get in touch with us today for a customized quote.