The economic downturn has continued to affect commercial developers, property managers and many other commercial businesses
. One result has been an increase in vacant commercial buildings. Most insurance companies consider commercial property
“vacant” after 60 consecutive days if the property has 65%-70% or more of its square footage not rented or “unoccupied”, and not being used to conduct normal operations for which it was designed.
Many cities have commercial property
vacancy rates of over 15%, and some of the larger cities are over 20%. For property owners, having a vacant building is a major risk that needs to be managed.
Vacant Buildings Can Be Subject to Increased Losses Including:
Who Needs Vacant Building Insurance?
- Glass or window damage
- Water damage
How to Protect Your Vacant Building
- Property managers
- Banks and mortgage companies
You can protect your building with a specially designed policy for vacant properties. These policies are intended to provide full coverage in the event of a loss and can be purchased on a short-term basis. Most vacant insurance policies are available for 3-month periods, but often coverage can be extended up to a year.
Small business insurance packages also typically include business income insurance, which guarantees compensation following covered events that halt your operations. Call Us Today Here at the J.S. Edwards & Sherlock Insurance Agency, were well aware of the unique challenges that you face as a small business owner. That’s why we offer small business insurance packages that are just as unique in the protection that they provide. We’ll work with you to help decide which insurance coverage your company needs. To get started, simply call us at 409.832.7736.