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What Is Commercial Property Insurance?

Commercial property insurance provides protection for structures, business-owned personal property, and the personal property of others.

Why Is It Necessary?

Damage to business facilities, personal belongings, or equipment can inflict significant harm to a business in a short period. It’s essential to safeguard your business’s critical assets from potential loss, ensuring that an unexpected event won’t jeopardize the hard work you’ve invested in building your business.

How We Can Assist

Whether it’s apartment complexes, warehouses, shopping centers, factories, or other commercial properties, we offer comprehensive insurance coverage. We also offer optional coverages, such as earthquake and flood insurance, equipment floaters, blanket coverage, and business income protection.

Errors and Omissions Insurance (E&O)

Errors and Omissions Insurance, commonly referred to as E&O Insurance, is frequently utilized by businesses to shield themselves from client claims of professional negligence. In cases where complex systems are integral to a business’s operations, such as property management firms, E&O Insurance offers protection against potential lawsuits related to these systems.

Crime and Fidelity Coverage

Property management firms and condo associations handle funds from residents, employees, and owners, which can be vulnerable to exploitation. Crime and Fidelity Coverage offers protection for such scenarios.

General Liability

For condo associations and property management firms, General Liability Insurance is imperative for several reasons. The inherent risks involved in day-to-day operations are too significant for these entities to bear without adequate protection.

Cyber Liability Insurance

In an era where cyberattacks are on the rise and growing in sophistication, data privacy is of paramount importance. Property management firms and condo associations must safeguard their data, as well as client data. In the event of a security breach, having Cyber Liability Insurance is essential.

Hired and Non-Owned Auto Liability Insurance

Property management firms and condo associations encounter unique risks, one of which is accidents during travel to various sites. If an employee is involved in a car accident while en route to a site, the property management firm could be exposed to liability.

Commercial Property Insurance

A Business Owners Policy (BOP) for Commercial Property Insurance provides coverage for any properties owned by a property management firm or condo association. It also includes coverage for personal property on the premises and loss of income due to covered events.

Commercial Umbrella Insurance

In the event of significant property damage, whether caused by a natural disaster or fire, property management firms and condo associations may face substantial repair costs. If these costs exceed the standard policy limit, the financial burden may fall on them.

Commercial Umbrella Insurance extends coverage beyond the standard policy limits in the event of catastrophic losses.

Environmental Insurance

Storage tanks, like any equipment, are susceptible to damage and failure. However, events such as fuel tank leaks are typically not covered under standard insurance policies. Environmental Insurance provides coverage for cleanup and legal actions resulting from leaking tanks.

Systems Breakdown Insurance

Equipment has a finite lifespan, and repairing failures can be costly when essential equipment like elevator motors or HVAC units break down. Systems Breakdown Insurance offers coverage for the resulting losses.

Sponsor/Investors Owned Units Insurance

Condo associations often have policies that exclude coverage for sponsor-owned unit interiors. Sponsors or holders of unsold shares remain responsible for damages within these units. Sponsor/Investor Owned Units Insurance fills this coverage gap to ensure adequate protection.

Directors and Officers Liability Insurance

In the daily decision-making process of managing properties or serving on a condo association, numerous choices must be made. To shield your business from potential legal action arising from these decisions, Directors and Officers Liability Insurance may be necessary.

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