Business Condo Association Insurance

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.

• 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 insurance and Workers' Compensation insurance.

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