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Commercial property insurance - Florida

Commercial property insurance policies and recommended coverages
for Boca Raton, Palm Beach, Fort Lauderdale and Florida business.
Contact Blue Sky Insurance agency in Boca Raton, Florida.

Most commercial properties are used for a company’s business operations or otherwise leased to tenants as office space, retail and manufacturing. Commercial properties in the United States is estimated to be valued at over 32 billion with over 5 billion in retail space and over 14 billion in office property according the NAR. And this doesn’t include the hundreds of millions invested in machinery, digital equipment and contents for each property.

Business holdings in commercial real estate is a lucrative investment not only from the standpoint of monthly income from leases but also as a long term investment from appreciation in property value. Along with that opportunity comes the responsibility of protecting these properties, their contents and liabilities that could arise from accidents or negligence.

Flood insurance zones Boca Raton, Florida

A commercial property insurance policy covers damage from weather events such as wind and storm surge and for flood zones requires separate policy. Crime, arson and liability claims are the biggest concern for commercial property owners. According to the FBI, arson costs commercial real estate owners $168,000 per incident in the industrial sector and $57,000 for other properties.
These are the top 5 costliest claims to commercial property owners.

• Theft and burglary
• Water and freezing damage
• Wind and hail damage
• Fire / Arson
• Customer injury

Keep in mind that currency and securities are not covered in the event of loss. Separate policies are written for contents and crime insurance or added into your commercial insurance package. Your traditional commercial insurance policy covers liabilities, building damage, personal property damage, business income interruption, and Electronic Data insurance.

With our decades of experience we have found that there are some coverages that commercial property owners have failed to address. And these lapses in judgment or knowledge has compromised their ability to protect themselves. So lets touch on a few of these.

Cyber Liabilities
With the increase of cyber crime which usually involves hacking, carriers are limiting the exposure to cyber loss from legacy policies. To prevent catastrophic loss due to loss of data, breaches in security and stolen digital assets or corruption you may want to consider enhanced protection to your traditional policy.

Reps and Warranties
These policies are also something many owners may not be familiar with. It protects the purchaser and seller from loss due to inaccuracies in transaction related representations and warranties.

Tail coverage
This is an additional form of insurance for property transactions to protect the buyer of a new property so that coverage is in place before and after the transaction takes place.

Mergers and acquisitions insurance
Coverage that is too often overlooked by property investors who engage in property transfers. Buying property for capital appreciation involves the eventual sale of the property or corporate mergers that include property transfers.
In this case there have been lapses in coverage or insurance has been forfeited when new entities take ownership. Provisions governing the assignment of the policies and notice to the insurance companies are part of protecting your property during a transfer of ownership as to not affect the viability of the coverage.

Service and Utility coverage
Some businesses are vulnerable to loss of income when the power, communications or water goes out for an extended period or time.

Orders Of Civil Authority
In the event roads are closed or customer have no way to interact with your business property and you suffer losses due to governmental directives this policy protects you.

You can learn more about commercial insurance in Boca Raton Palm Beach, and Broward county by Blue Sky Insurance in Boca Raton or contact us for a in depth consultation so we can apprised of particular properties, their use and other details to help us provide you with a comprehensive plan to be sure you are fully protected. Also read about tips on commercial auto insurance policies.

We strive to give our clients
the best customer service,
by putting our clients’ best interest first.

Blue Sky Insurance® Mission Statement “We strive to give our clients the best customer service, putting our clients’ best interest first and foremost.”

Our commitment to you We are committed to providing our clients with comprehensive consultation, dedication, and service by delivering a turnkey insurance solution to meet their specific needs.

Personal service Your coverage is assigned to one of our dedicated customer service representatives. You will always have an agent who is familiar with your file when you need help with claims, additional coverage, or renewal analysis.

Continuity All of your insurance needs are met under one roof, simplifying your life.

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