Even if your activity is not subject to the legal obligation to insure your commercial premises, it is strongly recommended to do so. Because this will at least allow you to practice your profession in peace. If you have just bought or rented commercial premises, and do not know which insurance to choose, the rest of this article will help you see more clearly. There comes the Commercial Insurance in Olean with the best choices.
What Are The Different Types Of Insurance For Commercial Premises?
For the launch of your new activity, you have the choice between four main types of insurance for your commercial premises:
Business insurance
Whether you are an owner or a tenant, insurance covering goodwill protects your equipment and installations, as well as the premises itself in the event of an accident, for example.
Generally, landlords oblige tenants to take out this insurance, during the establishment of the lease contract. If you come across an owner who does not pay much attention to it, it is advisable to do it yourself because, at the end of the day, it’s about protecting your business. The extent of the insurance cover will depend on the total amount of your goodwill. Your insurer will be able to assist you throughout the process.
Professional liability insurance
Called commercial insurance, it is by definition the very essence of professional insurance. It covers all bodily, material and immaterial damage caused to any natural or legal person. Subscription to this insurance allows you to secure the sustainability of your business against a certain number of risks. However, it can be compulsory or optional, depending on the activity of the tenant or the owner of commercial premises.
Business interruption insurance
As its name suggests, this insurance generally works when you can no longer operate your business, following an external event. The advent of Covid-19 and the confinement caused many companies to close their shops. Natural disasters, accidents or even long-term works can also be covered by this insurance.
Multi-risk professional or commercial insurance
If you are looking for the most comprehensive insurance for your business premises, this is the one. It takes into account all the guarantees mentioned above and naturally offers you broader coverage. However, it is recommended to carefully check the elements included in the insurance and those which are not, in order to make an additional subscription if necessary.
What about Non-Occupying Owners?
The owner of commercial premises who does not yet occupy the premises can take out PNO or PNE (Non-Occupant or Non-Operator) type insurance. Even if legally, there is no obligation to do so, it is a strongly recommended approach, in order to protect and rent your commercial premises in complete peace of mind. The guarantees linked to this insurance work both for real estate and for cases of damage (natural disasters, fires, etc.).
Even if they are not always obligatory, insurance is recommended to operate premises serenely, within the framework of a commercial activity. To find the one that best suits your business, contact an insurer directly. He will be able to guide you towards the best possible option.
