Apartment Owners: Include Insurance In Your Business Plan

Do you own an apartment building?

If you do, you understand fully that apartment buildings are a landlord’s livelihood. Renting out an apartment complex is a strenuous business; it requires hours of work as landlords oversee building maintenance, pay various bills, and of course, work with tenants to ensure that everyone has as pleasant a living experience as possible.

With so many people living together under one roof, even a minor issue has the potential to become a bigger one of it’s not properly addressed. This is why owning the right insurance policy to help protect your building – a.k.a. your entire business – should be a vital part of any landlords’ business plans.

Solid insurance plans on an apartment building offer assistance when the unexpected happens, whether that means a minor incident such as a visitor injury, or an extreme catastrophe, such as a building fire. But what sort of insurance should an apartment building owner look into?

Currently there are four broad, popular insurance categories to consider:

Business Property Insurance: Business Property insurance helps to protect and cover the building, equipment and income you rely on each day. This insurance offers financial assistance when your building is damaged or your office contents – including leases and financial paperwork – are destroyed or stolen.

Business Liability Insurance: Your apartment building is not a bubble; tenants, workers, or visiting friends all walk the halls you’re responsible for. Should any of these people slip, fall, or injure themselves otherwise on your property, liability insurance offers assistance with legal defenses, as well as legal damage payments.

Business Crime Insurance: Sometimes, despite the best efforts to prevent it from happening, the wrong people get into an apartment complex – determined thieves may break in or vindictive employees may steal something important as they leave. At the end of the day, even the safest apartment needs protection from crime; business crime insurance offers coverage for when criminals – whether they’re an employee or a third party vandal – wreak havoc in your office or on your property.

Building Ordinance Insurance: Sometimes your building needs major repair or remodeling work done; maybe a storm damaged part of your complex, or maybe a new law means that your building is no longer up to code. Either way, ordinance insurance will help you cover the cost of any necessary rebuilding and maintenance work.

Of course, ideally a landlord’s insurance policy will offer a customized level of protection that considers all four of these popular insurance categories. Fortunately, forming an insurance policy that’s perfect for your building is extremely easy.

A quick consultation with our Fisher Widmann Flick Insurance Agency staff can help you develop the policy that’s right for you. We’re proud to work with landlords and building areas throughout the Johnstown area, as well as in Blaire County, Cambria County, Somerset, Latrobe, and all other surrounding areas in central Pennsylvania.

We offer personalized assistance and have numerous local contacts across the state ready to help you at a moment’s notice. We also have connections with 15 major insurance companies, including our newest partner, Safeco Insurance, a Liberty Mutual-owned company that will work with our team to ensure that you receive the best Landlord protection insurance possible.

Using these resources, our insurance sales team at F.W.F. will always help you purchase the best apartment property insurance policy to ensure that your apartment complex – your business – continues to run as smoothly as possible. Contact us today to learn more about what we can do for you!

Image courtesy of commons.wikipedia.org


Property Insurance: An Important Investment For Business Owners

Business owners, does your company currently have commercial property insurance? If the answer is no, now is the perfect time to consider how commercial property insurance could help your business in the future if disaster strikes.

Commercial property insurance adds a layer of financial protection to help your business when disaster strikes and your property is damaged. Whether your business owns its own building, rents its office, or is located at your home, a commercial property insurance plan makes for an excellent layer of financial protection.

This select type of insurance covers a company building and the contents of the building that belong to the company; under commercial property insurance, “property” can potentially refer to more than just your company building – it could also cover lost income or business interruption, computers, money, and valuable papers. Whether you need help covering the repair costs after experiencing an office fire or replacing missing items and equipment after vandals strike, a property insurance plan will ensure that you get it.

This sets property insurance apart from most basic business insurance policies often offered by buildings that lease offices to multiple companies, and ensures that your business-related material is thoroughly covered if you work from home.

So what kind of property insurance plan might you need? There are two basic types of property insurance policies that you could potentially purchase: all-risk policies covering a wide-range of incidents and perils except those noted in the policy, or peril-specific policies that cover losses from only those perils listed in the policy.

What’s the difference? All-risk policies are used to cover risks faced by the average small business, while peril-specific policies can be purchased when there is high risk of peril in a certain area.

Which one of these might be best for you? Consult with us to find out. Whether you own a small financial consultation business, a bakery or even a farm, our Fisher Widmann Flick Insurance Agency staff can help you find the policy that’s right for you. We work with the Johnstown area, as well as in Blaire County, Cambria County, Somerset, Latrobe, and all other surrounding areas.

With our personalized assistance and local contacts there to help, and by using our connections with 15 major insurance companies, our insurance sales team at F.W.F. can help ensure that you purchase the best commercial property insurance policy to ensure that your business and office is truly covered. Depending on the level of risk in your area, we also can protect you for flood coverage by getting a separate flood policy.

Contact us today to find out just how much additional protection and coverage we can get for you!