How to Get Commercial Insurance for Your Rental Properties

Obtaining commercial insurance for your rental property is easy to obtain through Bob Korvas Agency Inc. The demand for Niles, IL real estate continues to increase, and Property Management must fulfill that demand. It is vitally essential for property managers to assess risk appropriately. For example, the most significant threat that property managers have to deal with relates to occupants not paying their rent. Since this is the case, it’s important to take steps to ensure your protection in all cases. Property managers should consider different types of insurance. Obtaining an insurance policy for your commercial property will help you deal with unexpected issues as they will inevitably arise.

Getting the best type of insurance for your company should be simple. You may ask what individual needs commercial property insurance. The answer is anyone that rents or leases property or anyone who hire someone for management purposes or does the management themselves. Any form of management relating to a residential or commercial property should obtain Commercial Insurance.

The type of insurance a business needs will vary upon how many employees are with the company and the types of property owned by the company. General liability insurance will give your business General coverage. This type of insurance is intended for businesses with a physical location. It covers damage to property as well as injuries that occurred to people on your property. This type of insurance does not cover lessees or renters. However, you won’t be held liable for damage to property and personal injuries.

The moment that you open your business you will need general liability insurance at the very least. A general liability policy will protect you if a potential renter is injured while touring one of your properties.

A Business Owners Policy is another type of coverage; also referred to as a BOP. The Business Owners Policy is an insurance package that includes multiple insurance products. It typically involves combining commercial property insurance with general liability insurance. This combination covers property damage, false advertising, and personal injury claims.