In today’s economic climate, it seems as though more and more businesses are shutting their doors. One minute a business is thriving, and the next there is a “For Lease” or “Closed” sign in the window.
Here’s something you may not realize: If your business “neighbors” move out, or if new “neighbors” move in, you should definitely let our office know. The change in occupancy could affect your coverage. If you own the property and your tenants move on, it is equally important to let us know of the change immediately. Vacant (or partially vacant) properties create a unique set of circumstances that lead to a higher risk, and you need to be aware of the vacancy provisions in your policy so that you don’t run into a “no coverage” situation at the time of a claim. Your coverage should be thoroughly examined to ensure you are getting the maximum protection for your business should damages occur while the property is between lessees.
If you are not sure if we are aware of vacancies in your building, contact our office and we will get the answers for you. It is better to be safe than sorry!
