INSURANCE

Business Condo Association Insurance

Condo Association Insurance for Your Jointly Owned Property

Business Condo Association coverage can be tailored to meet the specific needs of your building or property. A State Farm™ agent can help you select the coverage that meets your needs.

Find an Agent

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 a Business Condo Association might have.
  • Backup of Sewer and Drain – May provide coverage for accidental direct physical loss caused by a covered back up to business personal property at your location.
  • Comprehensive General Liability – Helps protect the insured against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
  • Directors and Officers Liability – Protects members of the association board against claims alleging wrongful acts in carrying out their duties.
  • Employee Dishonesty – Provides coverage in the event of a direct physical loss to Business Personal Property and money and securities caused by a dishonest act committed by an employee. If an association contracts someone to manage the property for them, i.e. a Property Management firm, the association should consider obtaining a Fidelity Bond.
  • Ordinance and Law – Covers the increased cost to repair or rebuild due to increased cost due to the enforcement of municipal laws or ordinances regulating the construction or repair of damaged buildings caused by an insured loss.
  • Inflation Coverage – This coverage automatically increases the amount of insurance on your buildings and association's personal property to help keep pace with inflation.
  • 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 necessary Extra Expenses you incur during the period of 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.

Customize Your Coverage

  • Data Compromise and Identity Restoration – Provides coverages that work together to help your business and you get back on track after a data breach occurs or if you, the business owner, becomes a victim of identity theft.

In addition to your property and liability insurance needs, you may also need Commercial Auto and Workers' Compensation insurance.

Let a local State Farm agent help you customize a plan for your association that is tailored to your needs.

Disclosures

This content is only a general description of coverages and is not a statement of contract. All coverages are subject to the terms, provisions, exclusions and conditions in the policy itself and any endorsements. Contact a State Farm agent for more information and a customized quote.

Identity Restoration and Data Compromise not yet available in: RI.

Condominium Association Insurance Coverage is not available in Florida, Massachusetts, or Rhode Island.

State Farm (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates) is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites hyperlinked from this page. State Farm has no discretion to alter, update, or control the content on the hyperlinked, third party site. Access to third party sites is at the user's own risk, is being provided for informational purposes only and is not a solicitation to buy or sell any of the products which may be referenced on such third party sites.