How Apartment Building Insurance Protects Your Business

June 27, 2024 | Insurance 101

This article was originally published June 13, 2024

If you own or operate an apartment complex or other buildings, you know there are lots of risks. The tenant’s or occupant’s insurance covers some of them, but many are your company’s responsibility. That’s why apartment building insurance—a type of business insurance—is so important. 

Without it, your company might have to pay costs from structural damage, business property damage, employee injuries, and other expenses. Plus, most businesses with employees are required by their states to have workers’ compensation insurance. 

biBerk offers essential small business coverage for apartments and other buildings in most states and for specific risks and scenarios. (Call 1-844-472-0967 for details.) 

Let’s take a look at how these three critical policies can protect your business.

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3 Policies Business Property Owners Should Have 

You’ve probably got a long (and continually growing) to-do list every day. You don’t need worries about property damage or legal liabilities hanging over your head, making it hard to focus on your job. 

We understand, and we can help! Having the right business insurance policies with sufficient limits means you can stay focused on your work, since a covered incident shouldn’t produce a huge financial burden. 

You might hear this type of coverage called apartment complex insurance, commercial insurance for apartment buildings, or simply insurance for apartment buildings. Whatever term is used, it’s vital coverage for owners of apartments and other buildings.

The three policies we recommend are:

  1. Workers' compensation insurance. Like we noted above, your state probably requires you to have workers’ compensation insurance if you have employees. This coverage protects workers who are injured or get sick at work. It can pay medical costs, lost wages, and other specific expenses following an on-the-job injury or illness. If a team member dies at work, the policy can provide a death benefit to surviving family members. If you have employees, workers’ comp coverage gives them and you peace of mind.    
  2. Business owners policy (BOP). People also call this property & liability insurance. It covers multiple risks in one policy for maximum convenience. Specifically, the “property” component protects the building you own or the space you lease (from costs due to storm damage, for example) and any property needed to run your business. It even has coverage for lost rental income resulting from covered property damage. The “liability” aspect protects your business from specific types of lawsuits. For instance, imagine that someone visiting your business office or leasing center slips on a wet floor, falls, breaks a bone, and sues you for their medical costs. If that happens, your BOP can cover the related expenses (legal fees, settlements, damages awarded, etc.). Plus, you can tailor your BOP to your needs with add-ons, including cyber, hired and non-owned auto liability, employment-related practices liability, and employee benefits liability.
  3. Umbrella insurance. This policy provides an added layer of protection on top of another biBerk liability policy’s limits. It can cover costs that exceed the limit of the underlying policy—up to its own limit, of course.

All it takes is three policies to address the types of incidents your company is most likely to encounter. That’s easy!

It’s important to recognize that just one incident not covered by insurance can create a crushing expense that you have to pay out of your company’s revenues or savings. Sadly, those types of losses can force a company out of business.  

We don’t say that to worry you. It’s just a fact that every business owner needs to understand. The good news is that with business insurance from biBerk, you’re protected.

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Does Your Business Need Insurance?

To this point, we’ve talked about people who own “apartment complexes and other buildings.” But that’s really just shorthand for many types of owners and decision-makers, including:

  • Apartment building owners
  • Duplex owners
  • Commercial property owners
  • Landlords
  • Building operations managers
  • Townhouse building owners
  • Condominium building owners
  • Residential property managers

If you have questions about whether we offer policies for your type of building or business—or in your state—our licensed insurance experts are happy to answer them. Just give us a call at 1-844-472-0967.

Get Instant Apartment Building Insurance Quotes 

Knowing how crucial it is for owners to have business insurance, you might be wondering, “What does apartment building insurance cost?” The quick answer is that you can get great protection at an affordable price! 

But you can find out specifically what your business will pay for workers’ compensation, umbrella, and business owners policies whenever you have a few minutes to visit our website. Instant self-service quotes provide the information you need to budget for this crucial purchase. And if you ever have questions, we’re here for you.

How To Buy Insurance for an Apartment Building or Other Property 

We know you’re busy, so we’ve abandoned the old method of buying business insurance—you know, multiple time-consuming calls or meetings with an insurance agent to talk about, choose, and purchase policies. biBerk’s all about making it simple to buy small business insurance! 

After figuring out your apartment building insurance cost on our website, you can also make a purchase and download a Certificate of Insurance (COI). In most cases, your coverage is active the next day. 

So, getting apartment building insurance quotes for affordable coverage and buying policies are quick and easy processes you can complete in only a few minutes whenever it’s convenient. That means there’s no reason for your business to be uninsured or for you to have “purchase insurance” hanging around on your to-do list.