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Rely on KBK Insurance Agency to advise you and make sure you are choosing the insurance program that is right for you. Our conscious staff can help guide you through the most important decisions regarding your insurance needs.
John Francis Kane founded our local family insurance agency in 1908. And after 100 years and three generations, KBK Insurance Agency is a leader in providing quality insurance products and services to individuals, families and businesses throughout California.
Commercial Real Estate Property Insurance
Because we maintain relationships with many top insurance companies in California, we are able to provide you with the most comprehensive and economical options for your insurance needs.
Factors That Influence A Business’s Property Insurance
Starting in 1908 in Pujaro Valley, KBK Insurance Agency provides insurance products and services to our clients in the Santa Cruz Monterey County area and throughout California. We are committed to providing our clients with a comprehensive insurance program tailored to their specific needs. KBK Insurance Agency believes in exceeding client expectations and has established long lasting client relationships through consistent practice and teamwork. Deciding on your insurance coverage is easier when you have the right people guiding you.
We provide a variety of insurance products for businesses across California, including property, general liability, surcharge / umbrella liability, auto, workers’ compensation, and security bonds.
KBK Insurance Agency can provide you with comprehensive but affordable insurance policies for your home, cars and other personal property.
We all get sick in our lives. Accidents are very common. A standard health plan can help protect both your health and your financial security.
Commercial Property Insurance: Key Considerations For The Commercial Real Estate Owner
Johnny Kane gave my husband and me a great deal on our business insurance! He was able to beat the prices and give us extra coverage that we didn’t have before. Extremely fast and complete! Brooke H., Selenas, CA.
KBK customer service is excellent! Johnny Kane and everyone in his office are very helpful and professional and I highly recommend KBK Insurance. Shaz L., Watsonville, CACommercial Property Insurance, which is essential for any real estate owner, covers your buildings and their materials, exterior signs and other fixtures free standing. As a fence or small storage shed. Whether you are dealing with a broken pipe that causes water damage or theft or vandalism, the type of insurance you buy and the insurer you choose means between immediate claims service and claim denial. There may be a difference.
Choosing the best property insurance for your real estate investment is not always a clear decision. To help you get the most coverage at the best price, ask these eight questions when purchasing insurance. This applies whether you are buying property insurance when you are buying an investment or when the renewal of your property insurance is imminent.
The four main aspects of commercial office building underwriting and pricing are construction, occupancy, protection, and display. Construction involves the construction process used in your building. Obviously, the frame is less fire resistant than masonry, so the cost for the framed building will be higher. For occupation, insurers want to know the basic use of the building. Is it a restaurant or a computer repair shop? What you do in the building creates more or less a level of danger. Safety explains how well a building is protected from fire. For example, the location of the nearest fire department is an important safety factor. Includes exhibits that surround your commercial property. Is it located in a city-type interface that is more likely to catch fire or in a high crime area? These factors include the visibility of your building.
Eight Insurance Questions Commercial Property Owners Should Ask
Your insurance coverage will vary depending on the type of insurance you choose. Special formulary provides the most comprehensive coverage but costs more than basic formulary or broad formulary. Your agent should review the coverage options available with you. The standard commercial property insurance policy does not cover flood and earthquake coverage. Differences in terms verification increase your coverage and may provide additional coverage that is typically excluded on commercial property forms.
Although most business owners consider price when shopping for business insurance, they should not only consider price when choosing insurance. This is a big decision because “going cheap” can mean insufficient or no coverage. Check their ratings with BEST or Standard & Poor’s to see the insurer’s financial reputation. Most insurance brokers recommend that you choose an “A” rated insurer, which means they are financially sound and solvent. You want the company you choose to run in the future if you have a claim, as some claims take a long time to resolve.
Insurers have designed coin insurance clauses in commercial property insurance to ensure that policyholders can purchase enough insurance to rebuild their structure after a loss. For example, if your policy has an 80% skin insurance clause and you insure your building worth $ 500,000 for only $ 300,000, you have not fulfilled the skin insurance clause. If you do not meet this limit, the insurer will reduce your loss payment to a percentage that is not insured. The formula, by dividing the actual sum insured by the sum insured, multiplied by the loss amount, is the formula that the insurer applies to reduce your loss payment. If you face a 40% coin insurance penalty, for example, you will pay جی 40,000 out of pocket after a loss of $ 100,000, plus your deduction. So it is important that you buy enough insurance when choosing the boundaries of your property.
After an injury, people often see business owners as “target defendants.” Regardless of your balance sheet, others see you as a thriving business owner and assume you have significant assets and adequate insurance coverage. In today’s world, 1 million cannot be enough to settle a serious injury claim. You should consider the legal framework of your business and the protection provided by incorporation or other legal strategies that you have initiated. Talking openly with your agent or broker about the industry you are in can help you decide the limits of liability insurance that you may need. This decision guarantees you a good night’s sleep. A single claim can exceed high coverage, so a common liability policy can cost money well.
What Is Considered “property” In A Commercial Property Insurance Policy?
Most landlords will not lease with you unless you provide proof of insurance. This protects the landlord if a person trips and falls into the part of the building he rents or sets on fire or the building is flooded. Depending on your landlord, you will need to show proof that you have purchased liability insurance as well as property insurance that will protect the landlord’s investment in the event of a loss in your area. Will If you have significant auto traffic from a fleet of proprietary vehicles, for example if you run a service business from your location, the tenant may also insist that you provide proof of your commercial auto insurance. The building owner can also apply for additional insured status under their policy. No unusual requests, Commercial Insurance underwriters usually have no problem incorporating this certification.
Definitely, you should shop for commercial property insurance. However, when comparing companies and prices, make sure that your broker provides a breakdown of the coverage gap between the companies. Don’t compare apples to oranges because lower prices often come with lower coverage. When valuing your commercial property, do not use market value. Use the cost to rebuild your building after complete damage. Increasing your deductions is another way to reduce costs. If you do not want to file small loss claims and there is a risk of not renewing the company, more deductions are worth it. In today’s insurance market, insurers scrutinize losses before renewing, a blank loss is more than a recurring loss on any given day.
If you have a claim, you can proceed in two ways. You can notify your agent or broker first, but most companies provide a toll-free number that you can call to report a claim. Within 24 hours, you should hear from an adjuster who will guide you through the claims process. There are certain “conditions” in your policy that you must meet for coverage in order to apply. This includes immediate loss reporting, protection of the property from further damage, for example, dealing with the loss, and cooperation with the insurer to eliminate the loss. If you provide the information that the adjuster needs to handle your loss, your claims process should go smoothly. Your adjuster will receive your statement, but do not provide statements to anyone other than your insurer unless your adjuster approves the contact.
Your commercial property insurance and your liability insurance are important for the effective management of your business. Feel free to contact us with any questions or if you would like a quote about your commercial real estate. Allianz Global Corporate & Specialty () specializes in corporate property insurance for exposure to highly complex and challenging risk in more than 200 countries and territories. Focusing on large international risk portfolios, we offer customized ‘All Risks’ property damage and business disruption insurance through our global network.
Commercial Property Insurance
Our experience speaks for itself, insuring the majority of Global Fortune 500 companies, managing more than 1,000 global property insurance programs, and deploying an underwriting team with more than 20 years of experience.
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