Non-Residential Building Operators Insurance Kentucky
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Non-Residential Building Operators Insurance Kentucky
Non-Residential Building Operators Insurance Kentucky. As the operator of a non-resident building, you face unique challenges that require you to purchase a specific level of insurance to protect your business and its assets. Perhaps you manage high-value real estate properties, and you’re responsible for those properties, their contents, and the tenants and employees operating inside them. These specialized risk are already in addition to the other issues you face each day as a business owner, including the loss of important information, property damage, and more. All business owners, including those that operate non-residential buildings, should maintain a business owner’s policy at minimum and other coverages as warranted by their particular needs.
A non-residential building operators insurance Kentucky business owner’s policy can provide you with protection if you find yourself on the receiving end of a lawsuit.
Non-Residential building operators insurance Kentucky protects your properties from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
What Is An Non-Residential Building Operators Insurance Business Owner’s Policy?
This non-residential building operators insurance Kentucky is a type of policy that rolls three insurance types into one. For non-residential building operators, this type of policy protects not only the building that you own or manage, but also the contents of the building, much like your homeowner’s insurance protects your home and things inside it. The three coverage types that are combined in a BOP policy safeguard the business that you’ve worked steadily to make successful. These coverage types include:
- Business liability coverage. When damage occurs to the building or things inside the building, this coverage is a godsend to the business owner. The same holds true for lawsuits that arise due to injuries on the property. For example, if a potential tenant becomes injured at your office, or if an employee damages property belonging to a tenant, then this policy kicks in to handle the financial fallout. Keep in mind that this policy does not cover any liability that you face in the rendering of any services.
- Business liability coverage. Your business location and the tools and equipment used in your trade are covered under a business property coverage rider in a BOP policy. This includes the physical location and the equipment inside, file cabinets, computers, furnishings, and so on. This includes both owned and leased items.
- Business income coverage. If your business experiences a covered peril, then this policy can keep you afloat while your business location receives repairs. For instance, if you have a fire that destroys the inside of your building, this policy pays for the income you lose while your business is non-operational and repairs are being done.
Other Non-Residential Building Operators Insurance Kentucky Coverages
Although standard business owner’s policies offer the above coverages, you can always add additional coverages to your non-residential building operators insurance Kentucky policy to customize it to your business’ needs. Some of the most common add-ons include:
- Valuable papers coverage. Coverage for valuable records and papers is a type of rider policy that protects your documents from damage or loss. In your role as a non-residential building operator, you likely have change orders, service agreements, leases, and other types of important documents that are safeguarded in your care. If these documents become damaged due to a covered event, then this coverage protects you from the costs of duplicating the info, including research costs.
- Utility outage coverage. Off-premises utility services coverage, also known as OPUS, insurance covers your business from the loss of income that may result from interruptions to your utilities when the situation is beyond your own control. For instance, if a storm passes over and downed powerlines cause outages, then any loss of service you experience as a result is covered.
- Computer coverage. Cover media and computers with this type of rider. You likely depend on your computer system to email contractors and tenants, manage and create documents for lease and service, do accounting, and more. With computer and media insurance coverage, you can protect your expensive computer equipment fully, insuring that your business is not out a lot of money if your computer is damaged or destroyed due to a computer virus.
- Commercial auto insurance. Protect the vehicles you use in your line of work with commercial auto insurance. This coverage is different from your personal auto policy, which does not cover personal vehicles used for business purposes.
- Insurance for non-owned autos. If you rent, lease, or borrow a vehicle for use in the business, then you need this type of coverage. It is slightly different from a commercial auto policy, but comes with many of the same benefits.
- Worker’s compensation. Cover your employees with worker’s compensation insurance. This coverage provides payments for missed work due to injury or illness related to the job as well as medical coverage.
Your business is as unique as you are, and your needs are likewise unique. Work with an independent insurance agent to determine which insurance coverage options you need and which BOP policy fits your specific business model.
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