Commercial Property Insurance reccomendations?

Question

My husband and I are looking to purchase a building in which to keep our main business (General Contractors).  The building would come with other offices, and rental income.  We have never purchased a commercial property before, and are wondering if anyone has an insurance company they would recommend for commercial policies.

Jason Bott · Answer

@Katharine Schmuff there are so many companies that would want to write this policy.

I suggest starting with the company that insures your GC business.  This way if there is a complex claim involving the building entity and the GC business, you can have 1 claim rep to handle the entire claim.  If you use 2 companies, you do run into the possibility that the 2 claim reps point to each other to cover items that both policies can cover.

Ben Guttman · Answer

@Katharine Schmuff depends on where the building is located. I have had a lot of success insuring this type of property with some regional carriers, but can’t make a recommendation without knowing the region. An independent agent/broker familiar with commercial insurance in your area is your best bet.

John Mocker · Answer

Katharine,

Congrats on purchasing a building for your business.  The best policy (considering price and coverage) will vary by location, construction, loss history, use of property, etc.  My best advise would be to get a couple of quotes from Independent Agents that represent multiple companies.  Its likely that those agents that insure Contractors and developers would have some expertise and probably competitive markets.  You may want to find out what Insurance Company is insuring the building now and have an agent approach them.  If they have had a good track record with the location they may be able to offer a good proposal.