Buy Non-Residential Building Operators Insurance

Non-Residential Building Operators Insurance is a type of insurance coverage that provides protection for individuals or companies that operate non-residential buildings, such as office buildings, warehouses, shopping centers, and industrial properties.

This insurance coverage offers financial protection against losses and damages incurred by the building operator as a result of fire, theft, water damage, or other unforeseen events. Additionally, it may cover liability claims made by tenants or third parties, including personal injury claims and property damage claims.

This type of insurance is designed to help building operators manage the risks associated with owning and operating non-residential properties, and to minimize the financial impact of any losses or damages that may occur.

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small non-residential building operators ranges from $67 to $99 per month based on location, size, payroll, sales and experience.

This non-residential building operators insurance 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.

Although standard business owner's policies offer the above coverages, you can always add additional coverages to your non-residential building operators insurance 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.

Non-Residential Building Operators can face lawsuits for a variety of reasons, such as:

Slip and fall accidents: If a visitor or tenant slips and falls on the premises due to a wet floor, uneven surface, or any other hazard, the building operator may be held liable for the injuries sustained by the individual.
Insurance protection: General Liability Insurance can help cover the costs of medical expenses, legal fees, and settlements or judgments awarded to the injured party.

Property damage: If the building operator or their employees cause damage to a tenant's property or to property located on the premises, they may be held responsible for the cost of repairs or replacement.
Insurance protection: Property Insurance can help cover the cost of repairs or replacement of damaged property.

Breach of contract: If the building operator fails to fulfill their contractual obligations to a tenant, such as not providing promised services or failing to maintain the property in good condition, the tenant may sue for breach of contract.
Insurance protection: Professional Liability Insurance can help cover the costs of legal fees and damages awarded to the tenant in case of a lawsuit.

Discrimination: If a tenant or employee accuses the building operator of discrimination based on race, gender, religion, or any other protected characteristic, they may file a lawsuit.
Insurance protection: Employment Practices Liability Insurance can help cover the costs of legal fees, settlements, or judgments awarded to the plaintiff.

Security breaches: If a tenant or visitor is the victim of theft, assault, or any other crime on the premises due to inadequate security measures, the building operator may be held liable for the damages.
Insurance protection: Crime Insurance can help cover the costs of theft, embezzlement, forgery, or other crimes committed by employees or third parties on the premises.

In summary, insurance can protect Non-Residential Building Operators from the financial consequences of lawsuits by providing coverage for various types of liability, property damage, breaches of contract, discrimination claims, and criminal acts.