Commercial real estate demand is increasing across Texas. More and more landlords are choosing to reap the benefits of longer leases and higher rent.
These properties are a great investment, but it's important to protect them with commercial property insurance. Read on to learn what this means and why coverage is critical for smart landlords.
Why Is Commercial Property Insurance Important?
Commercial property insurance helps landlords protect the buildings they own. Renting out buildings carries a lot of risk, especially when multiple businesses occupy space in the building.
You don't just regularly have commercial tenants in the building. You may also have:
- Customers
- Shoppers
- Clients
- Vendors
- Sponsors
- Investors
- Other business owners
This increases the risk of an incident on your property. More people mean that things can get stolen or damaged easily. Guests can get injured on the property, and having lots of guests increases the likelihood of that happening.
Commercial property insurance covers losses from burglary and theft as well as:
- Lawsuits
- Fire
- Breakage
- Natural disasters
- Wind
- Lightning
Basically, it's an all-purpose insurance that serves to keep your business safe.
The Types of Commercial Insurance Options
San Antonio commercial property insurance can cover a myriad of business assets. They include:
- Buildings and structures
- Sales inventory
- Equipment for manufacturing or cooking
- Service units including HVAC systems and lighting
- Items like cash registers
- Furniture and fixtures
This coverage comes with most commercial insurance plans.
There are also additional types of coverage to think about, including:
- Cyber liability insurance to combat data and network breaches
- Flood insurance (since many basic policies exclude water damage)
- Business income insurance that covers lost profits if you need to close in an emergency
Make sure to review your coverage at least once a year. As your business grows, you may need to update your policy to accommodate more potential losses. This is an essential part of keeping your growing assets and employees safe.
How Can Property Managers Help With Commercial Asset Protection?
San Antonio property managers perform several functions to help secure your assets. Some include:
- Screening tenants to ensure that only reputable business owners rent from you
- Determine fair rental rates that maximize your ROI
- Deal with tenant requests and complaints to ensure legal compliance
They also can help you pick a commercial insurance plan. While they don't directly buy you coverage, property managers can:
- Evaluate your coverage needs
- Help you find an insurance agent
- Recommend policies and bundles
- Ensure that you choose appropriate coverage limits
Property management experts can answer questions to make sure that you pay a fair amount for business coverage. You'll need to pay more or less depending on your property size and number of tenants. Property managers know what's fair and what isn't.
Reach Out to San Antonio Property Managers
Now that you know all about commercial property insurance, it's time to protect your business assets in San Antonio. PMI Profit Realty is committed to helping landlords discover the best coverage to meet their needs.
We take things a step further with tenant screening and background checks that decrease legal liability, too. Contact us for a free rental analysis and answers to your insurance-related questions!
