If you own a business, commercial property insurance can protect your building and/or what’s inside it. Both building owners and renters benefit from this coverage. Before getting quotes or obtaining a policy, you may want to know if businesses in the Portland, OR area are required to insure their commercial properties.
Loan Requirements
Specific coverage is not required by law in Oregon. However, taking out a loan to buy or start your company may be mandatory. This rule varies depending on your specific lender’s policies. As with car loans and home mortgages, most banks want to protect their investments by requiring commercial property insurance.
Landlord Requirements
A landlord may also choose to make this coverage mandatory for commercial tenants. They do so because it reduces the likelihood that they’ll be held responsible for any losses. The insurance generally covers furnishings, equipment, and other contents of a rental unit. Be aware that some other types of business contracts could also require certain forms of commercial insurance.
Coverage Benefits
Even if you don’t have a lender or landlord who expects you to insure your commercial property, there are many compelling reasons to do so. This insurance typically covers fires, explosions, vandalism, and some kinds of severe weather. Keep in mind that every policy is different. Some of them cover things like paper records, HVAC equipment, or building code compliance.
When you need commercial property insurance in Oregon, the experienced agents at Winder Insurance Agency can help. We strive to customize business policies that specifically meet the needs of each client. As an independent agency, we offer coverage from a wide range of trusted insurers. Clients get access to many different options without calling separate agents. To get started, please get in touch with Winder Insurance Agency in Portland, OR.
