What businesses in Massachusetts should have commercial building insurance?
Most Massachusetts businesses should have commercial building insurance if they own buildings or other commercial real estate. Not insuring a building can be financially ruinous if something happens.
Insurance is often compulsory when a property is financed, as the lender may insist on minimum amounts of coverage in order to protect their interest. Sufficient coverage is highly recommended regardless of any lender-stipulated requirement, however.
What kinds of property is commercial building insurance available for?
Commercial building insurance can be purchased for most kinds of commercial properties. There are policies for multi-unit residential buildings, office buildings, retail stores and malls, entertainment complexes, mixed-use developments, industrial facilities, manufacturing plants and more. There are also policies available for raw land if businesses have undeveloped property.
An insurance agent who’s well-versed in commercial building insurance options will be able to help businesses find a policy that’s well-suited for their type of property.