Do You Need Special Coverage for Mixed-use Commercial Buildings?

Owning and operating a mixed-use commercial building can entail a multitude of risks and exposures. These large structures typically represent substantial financial investments. Furthermore, renting out space to several different tenants, many of whom may be using their respective areas for vastly different purposes, could introduce a multitude of concerns. Crafting a versatile and robust insurance package for these properties requires a diligent approach.

What Types of Insurance Do I Need?

When insuring a mixed-use commercial building, you may often need to purchase several different policies, each addressing specific risks and exposures. Coverage needs related to retail locations on the first floor may vary significantly compared to those relevant to upper-level living spaces. Fortunately, the team at Garlesky Insurance Agency can help you explore potentially suitable policies, such as the following:

• General liability insurance, such as for incidents involving guests or tenants in public areas, such as the building’s lobby

• Commercial property insurance to cover your building’s infrastructure and furniture in shared areas

• Landlord insurance, such as to recoup lost income if you’re unable to rent out space due to a covered peril

• Workers’ compensation insurance for building staff, such as security guards and maintenance workers

• Commercial auto insurance for incidents involving your vehicles used or stored on-site, including maintenance vans

• Ordinance and law insurance for costs related to bringing your building up to code after a covered incident

• Cyber liability insurance, such as for data breaches involving your tenants’ or other parties’ private information

• Commercial umbrella insurance for secondary liability coverage should an incident exhaust other policies’ limits

How Should I Assess My Coverage Needs?

Securing and maintaining sufficient insurance for a mixed-use commercial building requires an accurate and up-to-date assessment of coverage needs. When shopping for various policies, consider the following factors:

• Foot traffic—Generally, the more tenants and visitors you have in your building, the more liability coverage you’ll need.

• Types of tenants—Think about your occupants. For example, having a restaurant in your building may require you to address greater fire-related risks.

• Location—Where your building is located may impact your coverage needs due to higher traffic rates, crime-related risks and natural disaster concerns.

Learn More

If you’re trying to insure a mixed-use building in Cuyahoga Falls, OH, contact Garlesky Insurance Agency today to discuss your options and find the right policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.