California Office Building Insurance
If you own some of the estimated 9.9 billion square feet of office space in the United States, Insurance Incorporated can help you get the tailored business insurance policy you’ll need to keep your property safe. Our licensed California agents work with multiple “A-Rated” carriers who compete for your business and provide you with the coverage your office building needs.
Call 877-428-8778 for a free quote on your office building insurance today.
ESSENTIAL OFFICE BUILDING COVERAGE
California office building owners need a wide range of coverage to keep their property safe. These include:
Building Coverage: Office building owners must also consider the costs for any upgrades and alterations made to their properties as well as the costs of reconstruction in the event of a loss.
General Liability: Every office building, regardless of size, should have a General Liability insurance policy. This type of policy provides coverage for any property damage or bodily injury that your business, property, or employees could inflict on a customer. Personal & Advertising injury is a key coverage for landlords to assure you are covered for wrongful eviction and trespassing.
Umbrella Coverage: It is important for office building owners to remember that California is known for multi-million dollar lawsuits that surpass the limits of normal coverages. Your assets may be jeopardized if your business is sued. Umbrella Insurance helps protect your assets with an additional layer of liability coverage. Owners without Umbrella Insurance coverage could be obligated to pay for lost income, medical bills, and attorney fees if their primary limits are exceeded.
Workers compensation: Workers Compensation insurance is required by California law for all business with one or more employees. Office building employees are exposed to risks of bodily strain resulting from facility maintenance and janitorial related work. Workers compensation can provide reimbursement to employees in the form of medical care, disability benefits, permanent disability benefits, and death benefits.
Water and Sewage Line: Many business insurance policies do not cover you in the event that a water or sewer line backs up or ruptures. In some cases, you may even be expected to pay for replacement pipes up to the point of connection with your city’s main line even if the backup/rupture doesn’t occur on your property.
Earthquake Sprinkler Leakage: Your property may be at risk in the event an earthquake ruptures your office building’s sprinkler system. Earthquake Sprinkler Leakage coverage may be added to your existing policy if you haven’t done so already.
Ordinance or Law Coverage: If you own an office building, particularly an older one, Building Ordinance Coverage may help you if your building has to be repaired to meet local ordinance standards. Older structures that are damaged require replacements to roofing, plumbing, electrical, and HVAC material; all of which can be costly. Furthermore, many communities require that buildings damaged beyond 50 percent must be completely demolished and rebuilt to modern standards. According to the International Risk Management Institute, unendorsed, standard commercial property insurance does not cover the loss of the undamaged portion of the building, the cost of demolishing that undamaged portion of the building, or the increased cost of rebuilding the entire structure in accordance with current building codes. However, coverage for these loss exposures is widely available by endorsement.
Loss of Rents or Rental Value Insurance: This type of property insurance pays you for loss of rental income if your office building is damaged by a covered cause of loss. Coverage provides for the fair rental value of the portion of the premises occupied by the insured.
These are just a few of the policies you will need as the owner of a California office building. Contractors’ Equipment, Fine Arts, Employment practice liability, and Physical Damage and other coverage may be needed.