business insurance in New Jersey

What to Know About Vacant Buildings and Your Insurance

If you own a commercial space, then your business insurance in New Jersey should cover damage to the building. However, it becomes a different sort of story when the building or parts of the building you own are vacant. Here are some things you should take care to do to minimize risk to the building when it’s vacant between tenants or when listed for sale.

Visit the property regularly to ensure that there’s no damage. If you don’t have time to do this or if you’re doing business from another location, hire a property management company who can take care of the space in your absence.

Make sure the exterior of the building looks nice. If the outside looks dilapidated or cluttered with debris and litter, it may be a better target for criminal mischief. This includes maintaining the sidewalks and parking lot and keeping them clear of snow and ice.

Finally, to save money on your vacant building, drain the plumbing system and keep the heat on so that pipes don’t burst. Except where you need to power the alarm system, turn off all other utilities.

Having business insurance in New Jersey is imperative. You should make sure your commercial space is completely covered in the event that something happens to it between tenants. When you own a commercial space, be sure that you’re taking care of the vacant spaces as much as you are the occupied ones.