There are several types of options for building owners insurance in Orlando to consider when you own property and you can purchase coverage for anything from remodeling, to making structural changes to an existing building. It can be quite a task to develop a residential building from scratch, and you’ll want to be covered in case of any exposures that may come to light.
There may be exclusions within certain policies for commercial buildings where remodeling or construction is concerned. Keep in mind that a standard commercial building insurance policy may not adequately cover your construction operations. Standard package property policies for commercial buildings are designed for normal day-to-day leasing and ownership operational concerns.
Insure against equipment breakdown
An equipment breakdown policy covers damage to insured equipment and any resulting loss of revenue while the equipment is being repaired or replaced. It does not pay for the normal wear and tear of your equipment. The policy can be endorsed to include contingent business income, which responds if a key vendor or supplier can’t meet their obligations to the insured due to a mechanical breakdown of their own.
Electrical systems, which are often a significant investment, are critical to your normal operations. In the event of an outage, you could be severely impacted along with your tenants. A short circuit can spread and destroy large sections of your entire system and the costs associated with this type of loss includes repairs, generator rental, relocation of tenants if required, and loss of revenue if the building is inaccessible.
Liability Insurance provides necessary protection
When hiring a general contractor, it’s important to secure a liability insurance certificate from the general contractor naming you as additional insured. As the owner, you may be exposed to uninsured losses if you simply rely on the contractor’s certificate of liability insurance naming only them as additional insured.
For example, if a cancellation of the contractor’s policy occurs that you’re not aware of, or the contractor performed work for which they were not properly insured (this could be due to an exclusion or limitation within the contractor’s policies), then the policy may not provide complete coverage and in turn could land you in the midst of an uninsured claim.
Building Owners insurance in Orlando can cover everything from contractual obligations to environmental exposures. Speak to an agent to gain a better understanding of the types of coverage you may require.