Vacant Building Insurance for Your Pennsylvania Business

Commercial property owners are highly aware of the need to manage a variety of risks. Since the potential for exposure in an occupied building is different from that of a vacant building, the insurance coverage is also different. Protect your commercial interests with the right coverage for your building’s status at all times.

Vacant Commercial Building Defined

Most standard commercial property insurance policies define a building as vacant if 30% or less of the square footage is in use. This applies whether you have a commercial property that can hold multiple tenants and businesses, a single-purpose building for your own business, or any combination.

When a building or multi-unit property has a lot of unoccupied space, it does not have the natural protections that the regular presence of people and activity provide. Without routine maintenance, it is vulnerable to structural, mechanical, and electrical problems. When no one is physically on the property, there are higher risks for vandalism, trespassing, and theft.

Property Owner Responsibilities for a Vacant Building

Commercial property vacancies are fairly common. When your property has a vacancy, it is good practice to schedule regular visits and walk-throughs. Keeping an eye on your building will not only help you notice maintenance issues quickly, but it will also make it clear to potential bad actors that the property is being monitored. Consider installing security cameras with both interior and exterior views at properties you can’t visit often. The cameras will help you keep track of potential problems so that you can handle them immediately.

Although prevention reduces the frequency of claims, property ownership is never risk free. It is important to understand how your commercial coverage is impacted during a vacancy. Vacant building insurance is not part of your standard policies, but it is available as additional coverage. If you don’t have appropriate coverage, and a claim investigation reveals that the property was vacant at the time of the loss, the payout will be reduced by up to 15%.

Does Your Commercial Building Need Vacant Building Insurance?

Vacant building insurance is an important element of your overall commercial coverage. Whether you experience routine vacancies or they are rare, make sure your investment is protected at all times. Vacant building insurance covers both property and liability risks with a variety of options based on your specific property, location, and needs.

Maintain your commercial properties with confidence that your assets are properly insured under every type of circumstance. Contact us using the form below to discuss the details of your property, business structure, and vacancy expectations. Our team can provide specialized coverage to fit your needs.

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As an independent agency, we are here to help you find the right Vacant Building Insurance coverage.