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Commercial Property Insurance in PA

Businesses need Commercial Property Insurance

Entrepreneurs need Commercial Property Insurance

What Is Commercial Property Insurance?

This insurance provides coverage for buildings, business personal property and the personal property of others.

Why Do I Need It?

Damage to business buildings, personal property or equipment can devastate a business quickly. You’ll want to protect your business’s vital assets against potential loss to ensure that an unforeseen event won’t destroy the business you’ve built.

How We Help:

Whether it’s apartment buildings, warehouses, shopping malls, factories, or business property, we insure with excellent coverages. Some optional coverages include earthquake, flood, equipment floaters, blanket and business income.

Feel free to use our scene explorer tool, or continue reading below, to discover opportunities that Commercial Property Insurance could protect you in everyday life.

 

Errors and Omissions Insurance (E&O)

Errors and Omissions Insurance, or E&O Insurance, is often used to protect firms from client claims of professional negligence. When businesses need to employ complex systems in order to function, for example, property management firms, E & O Insurance provides protection from any exposure to lawsuits regarding those systems.

Property Management firms and condo associations work with employees, owners, residents, and boards of directors on a daily basis. When claims arise for failure to perform professional duties, E & O Insurance is there to protect the property management firm.

Crime and Fidelity Coverage

Property management firms and condo associations have access to monies from residents, employees, and owners. This access can be exploited, and Crime and Fidelity Coverage provides coverage for just that.

Forgery, counterfeiting, fraud, and theft are real threats when it comes to property management. Crime and Fidelity Insurance protects the firm’s personal property and money, as well as the clients’ money in the firm’s custody.

General Liability

General Liability Insurance is necessary for condo associations and property management firms for a number of reasons. The amount of risk present in day-to-day function is just too high for a property management firm to assume without having protection.

Clients can sue for injuries occurring on the firm’s property or in their office. Clients can also sue for damage to their personal property within the firm’s property. General Liability Insurance provides coverage for firms who are named in these types of lawsuits, and protects against judgements as well as legal fees.

Cyber Liability Insurance

Data privacy is becoming more and more important as cyber attacks become more frequent – and more sophisticated. For property management firms and condo associations, the safety of their data as well as client data is crucial. If safety nets fail, having Cyber Liability Insurance is critical.

Breached data systems are a large exposure for property management firms. They can lead to costly lawsuits for the association if found liable. To protect against this, Cyber Liability Insurance provides coverage for breached security of personal data.

Hired and Non-Owned Auto Liability Insurance

There are many unique risks that property management firms and condo associations face. One of which is accidents during site travel. If an employee is involved in a car accident while driving to a site, the property management firm could be sued.

When the property management firm owns the vehicle in question, having commercial auto insurance is vital. Having Hired and Non-Owned Auto Insurance comes into play when the vehicle is owned by the employee, and an accident occurs on the job.

Commercial Property Insurance

A Business Owners Policy (BOP) for Commercial Property Insurance provides coverage for any building a property management firm or condo association owns. It also covers personal property on the scene, as well as income lost for a covered event.

When lightening strikes property you manage, or a fire breaks loose and causes serious damage, Commercial Property Insurance provides financial protection for the loss.

Commercial Umbrella Insurance

If a property is severely damaged, whether by a natural disaster or by a fire, property management firms or condo associations may be facing excessive repair costs. If these costs exceed the basic limit of a standard policy, you may be on the hook for that bill.

Commercial Umbrella Insurance offers coverage beyond the regular limits of a standard policy in case of catastrophic loss. It allows further protection for property management firms and condo associations from paying any additional reconstruction fees over the basic package amount. These policies begin at $1,000,000 and can even reach $200,000,000.

Environmental Insurance

Storage tanks tanks are susceptible to damage, and failure, just like any other equipment. However, events like leaking fuel tanks are not typically covered under basic insurance policies.

Remediating fuel tank leaks for a property management firm or condo association can become costly, especially if a lawsuit is involved. Environmental Insurance provides coverage for clean-up as well as lawsuits resulting from leaking tanks.

Systems Breakdown Insurance

Equipment doesn’t last forever, and when it fails it can become very expensive to fix. When an elevator motor breaks down, or an HVAC unit fails, System Breakdown Insurance provides coverage for the loss.

Mechanical breakdown isn’t always predictable, but it’s at least covered under this insurance. Systems Breakdown Insurance provides coverage for property management firms and condo associations so they aren’t financially burdened by mechanical failure.

Sponsor / Investors Owned Units Insurance

For condo associations, policies usually exclude sponsor coverage of unit interiors. Sponsors, or holders, of unsold shares remain responsible for damages that occur inside the units.

To maintain adequate protection, Sponsor/Investor Owned Units Insurance provides that coverage. This protects sponsors from lawsuits regarding losses within those units as well as any lost income involved.

Directors and Officers Liability Insurance

When managing properties or being a member of a condo association, numerous choices need to be made on a daily basis. To protect your business from potential lawsuits resulting from those decisions, you may need Directors and Officers Liability Insurance.

Directors and Officers Liability Insurance protects board members from liability involving decisions made in office. If decisions are contested by clients, this insurance provides coverage for legal fees and possible judgements down the line.