At the Menlo Group, we specialize in helping businesses find the ideal Arizona commercial real estate properties. We can walk you through the entire process from looking at locations to signing on the dotted line. But, when it comes to running your business, we know that you have that part covered. Speaking of coverage, you undoubtedly have a variety of insurance policies to take care of all of your company’s needs. Here is a brief overview, just in case you need to revisit your policies.
The most common types of insurances required when investing in Arizona commercial real estate are:
- Workers’ Compensation
Property insurance protects from damages to your business property; liability insurance covers damages to third parties; and workers’ compensation insurance covers on-the-job injuries to your staff.
You may want to consider additional coverage of your Arizona commercial real estate. This can be essential depending on what your company does, as well as for other mitigating circumstances. These policies are:
Debris Removal Insurance
Debris removal insurance pays the cost to remove debris after a fire, flood, windstorm, etc.
Boiler and Machinery Insurance
Boiler and machinery insurance, is also known as “equipment breakdown” or “mechanical breakdown coverage.” It offers protection for the accidental breakdown of boilers, machinery, and equipment. It typically compensates you for property damage and business disruption losses.
Inland Marine Insurance
Inland marine insurance covers property in transit and other people’s property on your premises.
Builder’s Risk Insurance
Builder’s risk insurance covers buildings while they are being built. For example, a Builder’s risk policy would pay for losses if a windstorm takes down your partially constructed Arizona commercial real estate.
Glass insurance compensates you for broken store windows and plate glass windows.
Business Interruption Insurance
Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a disaster forces you to close your business for three months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during that time.
Arizona commercial real estate leases often require tenants to carry a certain amount of insurance. A renter’s commercial policy protects from damages in light improvements you made to your rental space. It also covers damages as a result of negligence by your employees.
We hope this information is helpful to you as you decide upon your Arizona commercial real estate endeavor. Many of these policies may be new to you, but could be very beneficial to your business. If you have questions, our team at Menlo is glad to be of service. Contact us here.