Industrial buildings include structures like warehouses, manufacturing plants, labs, data hosting centres and cold storage buildings. Owning and managing one of these buildings can be very rewarding financially; however, there are a number of demanding responsibilities and risk exposures that come with everyday operations. As a building owner, you can take every single precaution and still be vulnerable to certain perils. For those unavoidable risks, purchase a comprehensive insurance policy that contains the following coverages:
Commercial Property Insurance for Industrial Building Owners
Commercial property insurance protects your physical building from damages due to variables out of your control. These variables include fire, explosion, hail, burst water pipes, electrical shorts and criminal activity, like theft or vandalism. The funds from your policy can be used to rebuild damaged sections of the building, cleaning costs or replacement costs for certain equipment. Some damage to belongings inside the building could be covered, while others may require additional coverage.
Commercial General Liability Insurance for Industrial Building Owners
General liability insurance coverage can minimize costs caused by slip and fall accidents in your building or on the building property. If a customer is parked in your parking lot and debris from the building roof flies down and damages their car, you can claim it on your policy and avoid paying the damages out of pocket. The same goes if someone slips outside before entering the building – check your policy to see if other perils are included. However, no general liability insurance will cover intentional damage.
Commercial General Liability Insurance for Industrial Building Owners
General liability insurance coverage can minimize costs caused by slip and fall accidents in your building or on the building property. If a customer is parked in your parking lot and debris from the building roof flies down and damages their car, you can claim it on your policy and avoid paying the damages out of pocket. The same goes if someone slips outside before entering the building – check your policy to see if other perils are included. However, no general liability insurance will cover intentional damage.
Stock Insurance
If your own personal stock or belongings in the industrial building you own, you may want to consider investing in insurance for your stock. Sometimes stock insurance is partially included in property insurance, and other times if you want to insure the value of your goods, you need a separate policy. During a fire, storm or explosion, some kind of stock damage may be inevitable. Cover costs with stock insurance or umbrella insurance to avoid gaps in your coverage.
Owning an industrial building doesn’t always have to be stressful when you have the proper insurance coverage. Speak to an isure insurance broker about acquiring appropriate and sufficient coverage from each of your unique risks. Our team can stitch together a custom policy that meets and surpasses your needs for the lowest rate!