Orlando, Florida is a hot spot destination as a centrally-located city in the Sunshine State. Owning commercial property in the area can be a lucrative investment with the popularity of the area. However, like property investment, safeguards are needed. If you are planning on building or owning a commercial building in Orlando, builders/owners insurance is a must to protect your assets.
The Best Coverage Features
While many locally-based agencies may have similar expertise about your unique needs in the area, it is important to know what type of features to look for that can set one apart from the rest. The following are some key components your policy should address when weighing out your options:
- Workers compensation for those building and working in and around your property
- Income coverage during times of business interruption
- Inland marine coverage
- Liability for employment practices, directors and officers, crime and fiduciary and auto
- Commercial umbrella
- Coverage for completed operations and products
- The property itself
- Any risk to the builder
It’s helpful to remember that there is no need to stick with just one agency’s plan. It may be in your best interest to choose an agent who can select from a varied portfolio in order to find just the right combination of coverage to cater to your unique needs. Regardless of the type of commercial property you are planning to build in Orlando, builders/owners insurance can be a practical first step to ensure your bases are covered even before breaking ground.