Your One-Stop Resource for Strip Center Insurance
You own the building, but you’re much more than the building owner. Your tenants depend on you to provide a safe, appealing and profitable place of business, so make sure your property is protected with strip center insurance from the Lambert Agency®.
Your mix of tenants is as varied as the risks they bring. From the coffee shop’s roaster to the accountant’s paper files, fire and water damage are just part of your list of concerns. You may be responsible for maintaining the parking lot, preventing roof leaks and taking care of other common areas so your tenants’ businesses can thrive. Keeping your strip center operating smoothly and get a strip center building insurance quote from the Lambert Agency today.
Whether you are the landlord of the convenient neighborhood strip center or the uptown destination strip center, the Lambert Agency understands your unique insurance needs and has developed commercial building insurance to meet them.
Let us partner with you and take some worries off your plate. Since business insurance for strip centers is one of our specialties, we can work with you to select a commercial retail insurance plan that fits your business and your budget.
Q. What specific coverages do strip centers need?
A. Strip centers need:
- Property Coverage
- Equipment Breakdown Coverage
- Ordinance or Law Coverage
- Medical Payments Coverage
- General Liability Coverage
- Umbrella Coverage
- Outdoor Signs Coverage
- Glass Coverage
- Back-Up of Sewer or Drain Water Damage
Q: Does the Lambert Agency offer these coverages?
A: Yes.
Q. Can the Lambert Agency meet all of my insurance and financial needs?
A. Yes! We offer a full range of personal and business insurance products. We also offer financial services, mortgage and banking services. This means we can cover your home, personal autos, business vehicles, workers compensation, life insurance, business property and liability, personal and commercial umbrella, mortgages, loans and investments.
Q. How do the contracts I have in place with my tenants affect my insurance?
A. Your contracts impact who is responsible for certain property losses and liability situations. For example, a contract can stipulate who is responsible for air conditioning and heating units, tenants’ improvements and injuries in the common areas of your building.
Q. If I have several locations in the same state, do I need to have several policies?
A. No, the Lambert Agency can all of your locations on one policy, saving you money.
Q. If I have several locations in different states do I need to have several policies?
A. In most cases, you only need one policy. Your Lambert Agency agent will work with you to figure out the best plan to fit your needs.
Q. How is the Lambert Agency rated and what does this rating mean?
A. Nationwide is rated A+ (Superior) by A.M. Best, an independent insurance benchmarking group. The superior rating is assigned to companies that have a superior ability to meet their ongoing obligations to policyholders.
Q. What can you do to help me as my business changes?
A: We offer periodic insurance reviews of your business and your coverage. These reviews are triggered by opening a new location, adding on to existing space, changes in your tenant mix, changes in the industry from court rulings, when a claim has been made and at renewal time. All of these moments have insurance coverage implications and we want to make sure you are adequately protected.
Q: What type of coverage is often overlooked for strip center businesses?
A: Ordinance or Law – This insurance can protect you if your building is ordered to be torn down and rebuilt to code after a loss. Many times, extra expenses are involved that cannot be accounted for when your building is valued. This coverage will not only pay for the damage to your existing building, but also for the undamaged portion that is to be torn down, the demolition costs and the removal of the debris.
Debris Removal – Hauling away steel and concrete after a disaster can add up quickly. Most property insurance policies include a limited amount of debris removal coverage. Higher limits are available through Debris Removal Coverage.
Equipment Breakdown coverage – Strip centers typically have expensive equipment like large boilers and heating and air conditioning equipment. If they break down, the replacement is costly. Most insurance companies automatically include this coverage but some require that it is separately added. Make sure you ask your agent about this coverage.
Flood insurance – The Lambert Agency does not offer flood insurance, but your agent can connect you to the National Flood Insurance Program, government-sponsored insurance that offers up to $500,000 in coverage.
Q: What is umbrella insurance?
A: It’s a way to add higher limits to your existing insurance. For example, if your current liability policy covers a $1 million lawsuit and you are successfully sued for $2 million, umbrella insurance can cover the difference. Best of all, we can provide this excess liability coverage over your business vehicles as well as your business liability.