Compared to other commercial real estate businesses, shopping centers face unique areas of risk. Unfortunately, many New Jersey shopping centers are only covered by standard commercial real estate policies, which can leave them significantly exposed. Shopping center owners who are reviewing their policies for real estate insurance in New Jersey should strongly consider adding the following two types of coverage if they are not already in place.
Although thieves can target virtually any business, commercial retailers are especially vulnerable. Crime insurance can mitigate this risk by providing reimbursement for stolen merchandise. When choosing a policy, shopping center owners should carefully review its specific provisions. In addition to simple cases of theft, crime insurance may cover employee theft, forgeries, and fraud, but these are not necessarily standard areas of coverage on every policy.
Alcohol or Food Borne Liability
If a shopping center includes restaurants, bars, or liquor stores, owners should consider taking out one or both of these policies. Alcohol liability policies protect against liability for accidents caused by alcohol served or sold on the property. Food borne liability policies protect against claims brought by people who suffer from food borne illnesses. These claims present a real risk even to businesses that strive to be careful and legally compliant.
Other Areas to Consider
Shopping centers owners buying real estate insurance in New Jersey may also want to look into cyber liability, pollution liability, and other coverage areas that are becoming increasingly necessary. An insurance agent can help a shopping center owner understand these various policy options and decide which ones to choose to ensure optimal coverage.