Business Condo Association insurance

Condo Association Insurance for your jointly owned property.

What Condo Association Insurance covers 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. 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 your 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 against legal liability caused by bodily injury, property damage, personal injury, and advertising injury to others.
  • Directors and Officers Liability - Protects the members of your 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 your business personal property and money and securities caused by a dishonest act committed by an employee. In addition, if your association contracts someone to manage property, 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 the enforcement of municipal laws or ordinances regulating the construction or repair of damaged buildings caused by a 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.

Consider adding additional coverages

Depending on your Business Condo Association, what’s covered in your insurance policy might not be enough.

A local State Farm agent can advise you on additional coverages you may need to protect your business.

Commercial auto

Commercial auto covers the cars, trucks, vans, and other vehicles used for business. If you have multiple vehicles, talk to a local agent about available options.

Workers' compensation

Workers’ compensation helps protect your crew against work-related injuries or illness. Requirements for workers’ comp vary by state.

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.

We’re in the business of helping your small business

Since 1935, State Farm has been helping small business owners manage risk, plan for the future and protect what they’ve built.
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Agent know-how

State Farm agents are small business owners too. They understand what it takes to run a business and are ready to help you set up for success.

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Customizable insurance

State Farm offers a wide variety of coverage options that you can tailor to help fit your unique business needs. You can choose the right coverage at the right price for you.

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Personalized service

Your local State Farm agent is ready to help your business grow and thrive with good neighbor service you can count on no matter what.

Talk to a local State Farm agent

This is only a general description of coverages of the available types of business insurance and is not a statement of contract. Details of coverage, limits, or services may not be available for all business and vary in some states. All coverages are subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements. Contact a State Farm agent for more information and a customized quote.

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