General liability insurance is the foundational insurance policy for businesses and nonprofit organizations. It can be purchased on its own or combined with business property coverage to protect assets such as computers, furniture and more. Business liability insurance is designed to protect an organization from a wide variety of liability issues than may result in a lawsuit. The insurer is obligated to pay the legal cost arising from a covered claim or lawsuit such as:
The two most common forms of business liability insurance are:
General liability can also be packaged with other forms of liability coverage that extend the protection beyond what a business liability policy covers such as:
Wise Insurance Group works with small and medium sized companies and non-profits to find the right kind of protection to fit their needs and their budget.
Condo association insurance may cover many different common areas that complexes typically have. Depending on a particular policy’s terms and conditions, it might cover:
An insurance agent who specializes in condo association insurance can help associations find a policy that provides robust protection for their common areas.
Condo master policies are often underwritten as bare walls-in, single entity, or all-in policies. The differences between these policy types lie in what features they cover within condominium units:
All-in policies are also called “modified single entity policies.”
Which type of policy a condominium association purchases is up to its board (or members). Associations might purchase a bare walls-in policy if they want to keep premiums as low as possible. An all-in policy might be used to insure a luxury condominium complex, if unit owners can afford the higher premiums.
A knowledgeable insurance agent can help associations decide what type of policy they’d like to carry.
The premiums for condo master policies vary according to many factors. A complex’s location, size, age, construction, features, and other details can all impact cost. So too can many other details that insurers might ask for.
Because premiums vary across policies, associations should check customized quotes to find out how much their complex will cost to insure. An independent insurance agent can assist with getting quotes from several different insurers.
Whatever the cost of a condo master policy, that cost is typically passed onto unit owners as part of their monthly HOA fees. For this reason, association boards should consider policy costs in light of how much the average unit owner would like to pay.
For help insuring a condominium complex that’s in Texas, contact the independent insurance agents at Wise Insurance Group. Our agents will work closely with you to determine what type of policy and what coverages are needed. We’ll then help you compare different policies that meet those requirements, so you can select the best available condo master insurance policy for your complex.