Condo Association Insurance Provided By Our Agency
Depending on your Business Condo Association, what's covered in your insurance policy might not be enough. Condo association insurance deals with just the general common areas of the building. It makes provisions for both property and liability coverage.
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Business property
Commercial General Liability
Business Auto
Workers’ Compensation
Property of others
Business property insurance coverage
Risk Factors
It protects you if a fire, vandalism, smoke, theft, or other event damages your property.
Solution
It covers lost inventory, office equipment, computers, and more. Most business property policies also include business income coverage. This pays for rent, employee salaries, and other expenses if your shop must close temporarily due to an unforeseen disruption.
Commercial general liability coverage
Risk Factors
It protects most basic liability issues that a garage or auto repair shop could face.
Solution
It protects you from the costs of lawsuits related to accidents, property damage, and various other mishaps. In addition, you will likely want to consider garage liability insurance, which provides several forms of liability insurance more specifically designed for the needs of garage and auto body shop owners.
Business auto insurance coverage
Risk Factors
Auto repair shops need to cover any vehicles that their business owns.
Solution
This covers all your business auto like Towing vans, vans, etc. In addition, you need non-owned auto insurance if you have employees who drive their vehicles for business purposes.
Workers’ compensation insurance coverage
Risk Factors
Accidents happen, even in the safest workplaces. Auto repair shops are dangerous places, particularly for the employees who do the work.
Solution
Workers’ compensation insurance protects your employees and your business from the costs associated with work-related injuries and illnesses. It provides coverage for medical care and income protection for an injured worker while he or she is unable to work. Workers’ compensation insurance also helps protect employers from lawsuits by injured employees.
Property of others coverage
Risk Factors
An employee gets into a fender-bender while test-driving a customer vehicle he just serviced and damages their vehicle.
Solution
This coverage protects the business from associated liability. Depending on how the insurance policy is written, damage to your client’s vehicle is usually provided under the garage keepers portion of the policy.
What is Condo Insurance?
A condo association's insurance policy typically helps cover the structure of the building and common areas. The association's rules might or might not apply to the inside of your unit. And its coverage can be governed by the regulations of your state. Therefore, it is crucial to understand the coverage provided by a condo association's policy and how it differs from a condo owner's insurance policy.
Why does my Condo Association need a separate insurance plan?
If you live in an association-managed condominium, you share ownership of common areas with all the other owners. This includes your home's exterior, the swimming pool, elevator, courtyard, gym, etc.
These spaces deteriorate over time because of regular wear and tear. But, sometimes, they can get damaged because of unforeseen accidents and events. That's why every condo association needs a full-proof insurance policy to cover the costs of refurbishments and repairs during times of crisis.
What does Condo Association Insurance cover?
Here are some customizable features available in the Business Condo Association Policy:
Building Coverage – Covers the building and anything attached to it, i.e., fixtures, flooring, and cabinets, as well as any common buildings your Business Condo Association might have.
Backup of Sewer and Drain – This may provide coverage for accidental direct physical loss caused by a covered backup to business personal property at your location.
Comprehensive General Liability - Helps protect against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
Directors and Officers Liability - Protects your association board members against claims alleging wrongful acts in carrying out their duties.
Ordinance and Law - Covers the increased cost to repair or rebuild due to the enforcement of municipal laws or regulations regulating the construction or repair of damaged buildings caused by a loss.
Loss of Income and Extra Expense - This covers up to 12 months of lost income if there is a suspension of your business operations caused by an accidental direct physical loss covered by the policy. This includes the necessary extra expenses you incur during restoration after the same loss.
Replacement Cost Claim Settlement - Claim payments may be based on the cost of replacing your damaged property, subject to policy conditions or provisions.
Already have Auto Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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We extend coverage to individuals and businesses in Ashton, MD and surrounding areas.
17830 New Hampshire Ave, Suite 203, Ashton, MD, 20861
