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When you are a business or property owner, or a landlord with at least one commercial condominium unit, getting the right commercial condo insurance is crucial.
Insuring a condo unit can sometimes get complicated, particularly if you own just one unit in a building. In basic terms, commercial condo insurance helps safeguard the structure you own or rent.
This article features, What coverage does commercial condo unit owner’s insurance coverage provide, the cost of commercial condo insurance cost and the best insurance companies for the policy.
There are different ways commercial condo insurance can protect both condo owners and condo corporations. Here’s a detailed summary of what commercial condo insurance can cover based on a person’s affiliation:
1. Association. The master policy of the association includes its common spaces along with other property as specified by the bylaws and the liabilities of the association.
According to a hold harmless and indemnification clause, a lease may also compel the tenant to carry insurance for the unit owner’s liability as well as the tenant’s property and betterments.
Commercial condo association insurance covers all of the public areas and shared amenities of the condo building. It can provide coverage for building protection and liability.
However, even if your condo association has its own insurance, it is still advisable to have insurance as an individual owner of a commercial condo unit.
Commercial condo insurance policies are very clear about which incidents are covered and which are not, much like any other insurance policy.
Unfortunately, following are a few of the most typical claims that commercial condo insurance does not cover:
Commercial Condo Insurance Cost
The cost of commercial condo insurance coverage will depend on whether you are insuring a condo building as an association or a single unit as an individual owner.
In addition, the worth of all of your company’s assets, including your building, will play a significant role in determining how much you’ll pay for commercial condo insurance.
Moreover, many condo associations will purchase a business owner policy, which combines building insurance and liability insurance.
This can be a good choice for business owners who own or rent condo units too, helping you to save money by bundling two important types of insurance together. Take a look at some average costs for these types of insurance:
| Monthly Cost | Yearly Cost | |
| Commercial property insurance | $42 | $504 |
| General liability insurance | $46 | $552 |
| Business owner’s policy | $54 | $648 |
Get all the best quotes from leading providers in a click of a button!
One of the quickest online quote generators for a business insurance provider is available at NEXT.
You’ll have three quotes ready for you after answering roughly 10 minutes worth of questions about your commercial property. Then, you can purchase commercial condominium insurance coverage that satisfies your coverage needs online.
Average cost: $11 per month
Compare quotes with CoverWallet to get the insurance you need for your condo unit or building. You can quickly see the best rates and choose an insurance company and policy that works for you.
Average cost: $83 per month
The Hartford can assist you in choosing the ideal commercial condo insurance coverage for your property. Whether you’ve stuffed it with pricey electronics or priceless artwork, they will help you safeguard what matters most to you.
Average cost: $88 per month
The professional agents at Tivly can assist you in obtaining building insurance quotes and cover for your small business from the most suitable insurance provider.
Average cost: $41 per month
Businesses that want quick or temporary coverage can benefit from Thimble. Thimble is particularly helpful for business owners who employ contractors because you can use it to specify what insurance is needed for the people you’re hiring and enable them to buy it through Thimble.
Average cost: $42 per month
This well-known insurance company is a good pick if you’re looking for condo association insurance. They also offer other business insurance, including business owner policies and business property insurance to help you protect your business.
Average cost: $100 per month
State Farm can also help you to insure your condo association and offer commercial condo unit owners insurance for your commercial condo unit. They have a great range of options for customizing your policy so that you can get exactly the coverage that you need.
Average cost: $110 per month
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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