Shopping Center Insurance
It’s important to work with an insurance agency that understands the unique needs of shopping center owners when it comes to insurance protection. Insurance Center of North Jersey has an 80 year history of serving the insurance needs of New Jersey businesses, including shopping centers. During that time, we’ve learned to look beyond the fashionable insurance products to look for the insurance essentials your shopping center needs in order to have the full protection you require.
Identifying the Unique Insurance Needs of Shopping Centers
Shopping centers are somewhat unique in that they are businesses, but they are also property. You lease the stores out to other businesses. This means that you need to have insurance on the property as a whole, but you’ll need additional protection for public spaces on the property, the building structure, and the parking lot.
You may also want to consider liability protection beyond what the standard Business Owners (BOP) policy offers. Below are a few standard insurance coverages that are common to most businesses.
- General Liability Insurance
- Commercial Auto Insurance
- Business Interruption Insurance
- Workers’ Compensation Insurance
Shopping centers, though need coverage that goes deeper. Below are some of the coverage types you might want to consider for your shopping center.
Commercial Umbrella Liability
General and other commercial liability policies have policy limits. In some cases the costs or judgments against your business will exceed the limits of your policy. When this occurs, commercial umbrella liability will kick in to cover the excess – up to the umbrella coverage limits.
Once you’ve completed a transaction with a customer should the customer feel the operation either damaged the customer physically or caused damage to his or her property, this policy will help you pay for the damages or injuries and cover any associated legal expenses.
Data Breach Coverage
As businesses, including shopping centers, grow to rely more heavily on computers to conduct business and store information, they are becoming more attractive targets for hackers and thieves. Should your computers suffer a breach, this coverage will help pay for the associated damages that occur in the aftermath along with legal expenses, credit monitoring services, judgments made against your shopping center, and public relations advisors.
Employee Dishonesty Coverage
Despite your best efforts to properly screen your employees, sometimes employees will steal from you. Whether it is cash or merchandise these costs can add up quickly. Employee dishonesty coverage helps shield you from the loss.
Regardless of how well you tend your property, accidents happen. From shopping carts being left in lots and blown by the wind, to slips and falls in rain and winter weather injuries and property damage can occur in your parking lots that you may be sued over.
Even if you’re not selling certain products, the fact that they were sold on your property can be sued if someone is injured by products sold on (or by) your shopping center. Products liability coverage will help to pay the costs of medical care and legal expenses, and settlements related to claims filed against you.
Insurance Center of North Jersey – Are We the Right Choice for You?
Insurance Center of North Jersey has spent the last 80 years building deep ties to businesses and families throughout New Jersey by providing outstanding customer service along with superior insurance protection at affordable prices. We take pride in offering an accurate quote based on your shopping center insurance needs so you don’t have to worry about an unexpected cost adjustment.