--- title: The Necessary Evil of Commercial Space Insurance description: Trying to finance or lease commercial real estate property? You need to know these facts about commercial space insurance before you buy. image: https://blog.sdnyrealty.com/hubfs/Blog_Images/Commercial_Space_Insurance.jpg --- - [Pay Rent](https://sdnyrealty.com/pay-rent/) - [Forms](https://sdnyrealty.com/forms/) -   [![S&D Commercial Real Estate Agency](https://blog.sdnyrealty.com/hs-fs/hubfs/S__D_Real_Estate_January2019/images/sd-original-logo_300px.png?width=300&height=194&name=sd-original-logo_300px.png "S&D Commercial Real Estate Agency")](https://sdnyrealty.com/) - [About](https://sdnyrealty.com/long-island-commercial-real-estate-firm/) - [Agents](https://sdnyrealty.com/long-island-real-estate-agents/) - [Listings](https://sdnyrealty.com/property-listings/) - [Property Management](https://sdnyrealty.com/property-management-company/) - [Resources](https://sdnyrealty.com/real-estate-resources/) - [Neighborhood Guide](https://sdnyrealty.com/neighborhood-guide/) - [Long Island](https://sdnyrealty.com/long-island-commercial-real-estate/) - [Nassau County](https://sdnyrealty.com/nassau-county-commercial-real-estate/) - [Bethpage](https://sdnyrealty.com/bethpage-commercial-real-estate/) - [Farmingdale](https://sdnyrealty.com/farmingdale-commercial-real-estate/) - [Franklin Square](https://sdnyrealty.com/franklin-square-commercial-real-estate/) - [Garden City](https://sdnyrealty.com/garden-city-commercial-real-estate/) - [Glen Cove](https://sdnyrealty.com/glen-cove-commercial-real-estate/) - [Hempstead](https://sdnyrealty.com/hempstead-commercial-real-estate/) - [Hicksville](https://sdnyrealty.com/hicksville-commercial-real-estate/) - [Long Beach](https://sdnyrealty.com/long-beach-commercial-real-estate/) - [Mineola](https://sdnyrealty.com/mineola-commercial-real-estate/) - [Rockville Centre](https://sdnyrealty.com/rockville-centre-commercial-real-estate/) - [Suffolk County](https://sdnyrealty.com/suffolk-county-commercial-real-estate/) - [Babylon](https://sdnyrealty.com/suffolk-county-commercial-real-estate/babylon-commercial-real-estate/) - [Brookhaven](https://sdnyrealty.com/brookhaven-commercial-real-estate/) - [Hauppauge](https://sdnyrealty.com/hauppauge-commercial-real-estate/) - [Huntington](https://sdnyrealty.com/huntington-commercial-real-estate/) - [Islip](https://sdnyrealty.com/islip-commercial-real-estate/) - [Melville](https://sdnyrealty.com/melville-commercial-real-estate/) - [Riverhead](https://sdnyrealty.com/riverhead-commercial-real-estate/) - [Smithtown](https://sdnyrealty.com/smithtown-commercial-real-estate/) - [Southampton](https://sdnyrealty.com/southampton-commercial-real-estate/) - [Consulting Services](https://sdnyrealty.com/consulting-services/) - [Property Appraisal Services](https://sdnyrealty.com/property-appraisal/) - [Zoning Regulations](https://sdnyrealty.com/zoning-regulations/) - [Forms](https://sdnyrealty.com/forms/) - [Veterans & Military Housing](https://sdnyrealty.com/veterans-military-housing/) - [Join our Program](https://sdnyrealty.com/veterans-military-housing/#apply-now) - [Forms & Applications](https://sdnyrealty.com/forms/) - [Pay Rent](https://sdnyrealty.com/pay-rent/) - [Blog](https://blog.sdnyrealty.com/blog) - [Contact](https://sdnyrealty.com/contact/) # The Necessary Evil of Commercial Space Insurance - January 08, 2015 - [Finance](https://blog.sdnyrealty.com/blog/topic/finance), [commercial real estate](https://blog.sdnyrealty.com/blog/topic/commercial-real-estate) - 0 ![The Necessary Evil of Commercial Space Insurance](https://blog.sdnyrealty.com/hubfs/Blog_Images/Commercial_Space_Insurance.jpg) Commercial space insurance one investment that after you send the check out, you hope to never have to see any of that money again. It is a necessary business expense. Through the course of business, no matter your industry, there are things that could go wrong and devastate your company. Fire, natural disasters, accidents, water damage, litigation and theft, are all examples that can hurt your business. Businesses who think commercial space insurance might not be necessary are leaving themselves vulnerable to these very expensive vicissitudes of life. ## What You Need to Know About Commercial Space Insurance Commercial space insurance comes in a wide variety. Most businesses are required to carry three or four different basic types of insurance; - Commercial property insurance - General liability insurance - Worker’s compensation insurance - Auto liability insurance Since worker’s compensation insurance and auto liability insurance are more industry and state specific we will not be discussing them any further. As you are searching out leases or commercial real estate property, commercial space insurance should be something you consider along the way. ## Commercial Property Insurance Commercial property insurance is definitely a necessity for any business. In many cases landlords and banks require commercial property insurance and general liability insurance in order to lease a property or have access to financing. Commercial property insurance is a type of commercial space insurance that covers a business of damage or loss to the business property. A good commercial property insurance should cover property fixtures, machinery and equipment, computers and accessories, inventory and supplies, office furniture, and any personal property kept at the business site. Even under the more expensive commercial property insurance categories the risk of theft is rarely covered. ## Liability Insurance If you want to protect your backside and bottom line you are going to need liability insurance. Liability insurance is also a key commercial space insurance that banks and landlords look for before leasing or providing financing to a business. When there is a victim in an accident, they will often seek compensation for damages and/or pain and suffering. In many cases there is no cap on these potential damages. One lawsuit could cripple a business. Liability insurance protects against this kind of situation from happening. There are a few different kinds of liability insurance. They include general liability insurance, product liability insurance, professional liability insurance and auto liability insurance. The most important one to know about is general liability insurance which protects your business against legal claims for bodily injuries, accidents, personal injury (libel or slander), damage to others’ property, costs of defending lawsuits, false or misleading advertisements, and settlement bonds or judgments. Something as simple as a slip and fall by even a trespasser could result in a business closing its doors if it didn’t have general liability insurance. It is one of the most important insurances to consider when looking at commercial space insurance. The other types of liability insurances mentioned above are more industry specific so we won’t go into too much detail. Product liability insurance is based on protecting a business that manufactures, distributes or retails any kind of product that could result in a financial loss resulting from a defect that causes injury or bodily harm. Professional liability insurance, also called errors and omissions insurance protects businesses from litigation such as malpractice, errors or negligence. Auto liability insurance has to do with claims regarding company vehicles and any accidents related. Liability insurance will protect a business from things that happen on the property during the course of work, making it an imperative piece in commercial space insurance. ## Getting Commercial Space Insurance Just like looking to buy or lease commercial property the best way to find commercial space insurance is to do a little research. There are two main types of insurance middleman that your company can seek out for advice on commercial space insurance, brokers and agents. Traditionally, agents represent insurance companies while brokers represent businesses. Today the lines are becoming murky in the differentiation but a little research can go a long way. Company owners should ask friends to refer good insurance brokers or agents. Trade organization websites often have good information on insurances needed in specific industries. For many new companies the initial emergence in the market makes them hesitant to make the investment in commercial space insurance. But, how many times do you actually save in the long-run cutting corners? One unlikely lawsuit or natural disaster could be the end of your business. Although we can’t provide you with commercial space insurance at S&D Realty we can find you that commercial space on long island that you are looking for. One of the strengths of [S&D Realty](http://sdnyrealty.com/) is our ability to evaluate real estate in terms of highest and best use, feasibility and investment performance. For more information on investing in commercial real estate, don’t hesitate to give us a call at **516-248-6905.** We look forward to hearing from you! [![Join The Commercial Courier](https://no-cache.hubspot.com/cta/default/432922/3041b531-9280-413a-b2e6-c36b689e506d.png)](https://cta-redirect.hubspot.com/cta/redirect/432922/3041b531-9280-413a-b2e6-c36b689e506d) ### Tags: - [Finance](https://blog.sdnyrealty.com/blog/topic/finance) - [commercial real estate](https://blog.sdnyrealty.com/blog/topic/commercial-real-estate) ### [Previous post](https://blog.sdnyrealty.com/blog/optimizing-your-office-space-millennials/) #### [Optimizing Your Office Space for Millennials](https://blog.sdnyrealty.com/blog/optimizing-your-office-space-millennials/) ### [Next post](https://blog.sdnyrealty.com/blog/negotiating-a-commercial-lease-bang/) #### [Negotiating a Commercial Lease Like a Pro](https://blog.sdnyrealty.com/blog/negotiating-a-commercial-lease-bang/) ### Related posts [![Why a Commercial Real Estate Agent is Always Necessary](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/commercial%20real%20estate%20agent.jpg?width=768&name=commercial%20real%20estate%20agent.jpg)](https://blog.sdnyrealty.com/blog/commercial-real-estate-agent) - June 06, 2018 - [commercial real estate](https://blog.sdnyrealty.com/blog/topic/commercial-real-estate), [real estate agent](https://blog.sdnyrealty.com/blog/topic/real-estate-agent) ### Why a Commercial Real Estate Agent is Always Necessary As a business owner, navigating the world of commercial real estate is hard to manage if you don’t have any experience in the field. That’s why, if... [Continue reading](https://blog.sdnyrealty.com/blog/commercial-real-estate-agent) [![What is a Reverse Mortgage Loan, and How does it Work?](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/Reverse%20Mortgage.jpg?width=768&name=Reverse%20Mortgage.jpg)](https://blog.sdnyrealty.com/blog/reverse-mortgage-loan) - April 25, 2018 - [Finance](https://blog.sdnyrealty.com/blog/topic/finance), [Mortgage](https://blog.sdnyrealty.com/blog/topic/mortgage) ### What is a Reverse Mortgage Loan, and How does it Work? If you’re a homeowner over 62 and in need of extra funds, perhaps it’s time to consider taking out a reverse mortgage. Unfortunately, if you aren’t a... [Continue reading](https://blog.sdnyrealty.com/blog/reverse-mortgage-loan) [![How to Find the Right Real Estate Deal for your Business](https://blog.sdnyrealty.com/hs-fs/hubfs/Blog_Images/Real%20Estate%20Deal.jpg?width=768&name=Real%20Estate%20Deal.jpg)](https://blog.sdnyrealty.com/blog/real-estate-deal) - January 10, 2018 - [Buying](https://blog.sdnyrealty.com/blog/topic/buying), [small business](https://blog.sdnyrealty.com/blog/topic/small-business), [office](https://blog.sdnyrealty.com/blog/topic/office), [commercial property](https://blog.sdnyrealty.com/blog/topic/commercial-property), [commercial real estate](https://blog.sdnyrealty.com/blog/topic/commercial-real-estate) ### How to Find the Right Real Estate Deal for your Business When it comes to the commercial real estate market, it isn’t always easy to find the right property for your company. It’s hard to prioritize... [Continue reading](https://blog.sdnyrealty.com/blog/real-estate-deal) ### Blog Search ### Recent Posts [![Click Here to Join our Newsletter](https://no-cache.hubspot.com/cta/default/432922/19f66de0-1cba-45a5-a498-016133232e0e.png)](https://cta-redirect.hubspot.com/cta/redirect/432922/19f66de0-1cba-45a5-a498-016133232e0e) ### Topics - [residential real estate (65)](https://blog.sdnyrealty.com/blog/topic/residential-real-estate) - [commercial real estate (48)](https://blog.sdnyrealty.com/blog/topic/commercial-real-estate) - [Buying (40)](https://blog.sdnyrealty.com/blog/topic/buying) - [Tips (36)](https://blog.sdnyrealty.com/blog/topic/tips) - [Renting (23)](https://blog.sdnyrealty.com/blog/topic/renting) - [Selling (20)](https://blog.sdnyrealty.com/blog/topic/selling) - [Mortgage (15)](https://blog.sdnyrealty.com/blog/topic/mortgage) - [commercial property (15)](https://blog.sdnyrealty.com/blog/topic/commercial-property) - [lease (15)](https://blog.sdnyrealty.com/blog/topic/lease) - [office (14)](https://blog.sdnyrealty.com/blog/topic/office) - [Finance (13)](https://blog.sdnyrealty.com/blog/topic/finance) - [buying a house (12)](https://blog.sdnyrealty.com/blog/topic/buying-a-house) ### Follow Us Find helpful blogs of both residential and commercial real estate on Long Island. For more questions, feel free to contact us at [info@sdnyrealty.com](mailto:info@sdnyrealty.com)   - [About](https://sdnyrealty.com/long-island-commercial-real-estate-firm/) - [Listings](https://sdnyrealty.com/property-listings/) - [Property Management](https://sdnyrealty.com/property-management-company/) - [Resources](https://sdnyrealty.com/real-estate-resources/) - [Veterans & Military Housing](https://sdnyrealty.com/veterans-military-housing/) - [Blog](https://blog.sdnyrealty.com/blog) - [Contact](https://sdnyrealty.com/contact/) [![S&D](https://blog.sdnyrealty.com/hubfs/S__D_Real_Estate_January2019/images/sd-original-logo_150px.png)](https://sdnyrealty.com/) Full-service real estate and property management firm serving Long Island and the NY Metropolitan Area since 1949. ### Contact Info - [27 E Jericho Turnpike Suite 2 Mineola NY 11501](https://www.google.com/maps?rlz=1C1CHBF_enUS811US811&q=Smith+and+Degroat+Real+Estate+%7C+Commercial+Real+Estate+Agency+Long+Island&stick=H4sIAAAAAAAAAONgecSYyS3w8sc9YamESWtOXmOM4uIKzsgvd80rySypFPLhYoOyFLj4pbj10_UNS7KyCi2NijQYpHi5kAWkFJS4eDfoeUmIhqTJXNES4hS3q1nzuf1Qp-DPz9cyDTS_RPAAAClF56FuAAAA&biw=2560&bih=938&um=1&ie=UTF-8&sa=X&ved=0ahUKEwjQovbckObdAhXsYd8KHVqGBC4Q_AUIDigB) [516-248-6905](tel:1-516-248-6905) ### Listings [699 Nassau Rd, Uniondale NY, 11553](https://blog.sdnyrealty.com/blog/home-appraisal) $649,000 1783 SF Mixed-Use [![699 Nassau Rd, Uniondale NY, 11553](https://blog.sdnyrealty.com/hubfs/S__D_Real_Estate_January2019/images/699-Nassau-Rd-Uniondale-Featured-IMG-380x280.jpg)](https://smithandd.staging.wpengine.com/property/699-nassau-rd-uniondale-ny-11553/) [310 Willis Avenue, Mineola NY, 11501](https://blog.sdnyrealty.com/blog/tenants-rights) $750,000 3525 SF Commercial, Office [![310 Willis Avenue, Mineola NY, 11501](https://blog.sdnyrealty.com/hubfs/S__D_Real_Estate_January2019/images/310-Willis-Avenue-Mineola-Featured-IMG-380x280.jpg)](https://smithandd.staging.wpengine.com/property/310-willis-avenue-mineola-ny-11501/) ### Newsletter Subscribe to our newsletter for expert tips, exclusive listings and more!   **Disclaimer:** The information herein does not constitute an offer, representation, or warranty, and S&D Real Estate cannot guarantee the completeness or accuracy of any information contained herein. Prospective purchasers should independently verify all information pertaining to the subject property; and may do so through, among other sources, available public records from the applicable municipality. © S&D Commercial Real Estate Long Island 2019. All Rights Reserved. [Privacy Policy](https://sdnyrealty.com/privacy-policy/) Follow us