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Office Building Insurance Massachusetts

Office Building Insurance in Massachusetts

What is office building insurance?

Owning an office building can reduce overhead and provide steady revenue, but it comes with some risks. Specifically, building owners have to consider perils that could damage or destroy their building -- and investment. Office building insurance can help owners of Massachusetts office buildings financially protect against many perils.

Office building insurance is specialized commercial property insurance for offices. Policies normally have multiple coverages that protect against an array of risks.

What businesses in Massachusetts is office insurance right for?

Businesses should consider office insurance if they own an office building in Massachusetts. Insurance may be compulsory for financed buildings and is recommended for ones that are owned outright.

Lenders frequently include clauses within the fine print of loans that require property owners to secure insurance. This is done to help protect a lender’s financial interest in the building.

Notably, businesses that lease space within an office building generally don’t need this type of insurance. While they should still consider insurance for their build-out, fixtures and equipment, they normally aren’t responsible for insurance on the actual building.

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Office Building Insurance Massachusetts

What coverages are available through office insurance policies?

Office insurance policies can offer both property and liability protections. Property protections primarily insure against physical damage, while liability is mainly for lawsuits and claims against a building owner.

Some property coverages that building owners may want include:

  • Commercial Property Coverage, which might cover the building and any landscaping
  • Commercial Contents Coverage, which might cover equipment, fixtures supplies on a property
  • Boiler and Machinery Coverage, which might cover major equipment (e.g. furnaces, air conditioners)
  • Sewer and Drain Coverage, which might cover leaks related to plumbing issues within the building
  • Earthquake and Flood Coverage, which might extend coverage to earthquakes and floods

Building owners that lease out space ought to also look at business income coverage. Should a building be unsuitable for several months after a disaster, this coverage could cover lost revenues while tenants are unable to use their leased spaces.

A couple of liability coverages that building owners may want are:

Both general liability and umbrella coverage usually pay court fees, attorney fees and settlements associated with covered claims, and they typically do so before a case is ultimately decided.

Still, other coverages are often available. An insurance agent who specializes in office insurance can help building owners evaluate all of the coverages that are available to them.

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How much does it cost to insure an office building?

Insurance premiums for office buildings are dependent upon many factors, several of which are based on the building itself. The following are a few of the details that typically impact the cost:

  • Building location and size
  • Building construction and security systems
  • Number of buildings and other fixtures
  • Chosen deductibles, limits and coverages
  • Owner’s past insurance claims

An independent insurance agent can show building owners how much different insurance companies will charge to insure a specific building. Independent agents are able to check quotes from several insurance companies, which makes comparing costs and coverages across policies easy.

Office Building Insurance Massachusetts

How can owners of Massachusetts buildings get office building insurance?

For help insuring an office building that’s located in Massachusetts, contact the independent insurance agents of Garrity Insurance. Our agents have worked with many building owners to ensure that their properties are well protected, and we’ll make sure you likewise get the protections that your office building requires. With our assistance, you can have confidence in the office building insurance policy that you purchase.

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