Commercial Property Insurance

This type of insurance can help protect your agribusiness against damage or loss to buildings, equipment, and other property caused by events such as fires, natural disasters, or theft.

Key Considerations

Careful attention should be given to valuing the potential Business Interruption because of a loss. Insured's should be made "whole" because of a loss, including extra expnses and lost revenues. Insurers are scrutinizing total insurable values as inflation has increased the cost to replace or repair the impacted asset. Asset valuations have driven unexpected premium increases on outadated replacement costs.

Mitigating Losses

Property owners should focus on pre & post loss mitigation to reduce the likelihood of a claim and the expenses associated when a claim happens.

Koru Korner

Related Articles

Blog

Balancing Higher Deductibles and Lender Requirements: Strategies for Real Estate and Property Management

For real estate and property management clients, balancing the cost-saving benefits of higher insurance deductibles with lender requirements can be challenging. Strategies such as deductible buy down policies, indemnity agreements, and reimbursement policies help insureds reduce premiums while meeting lender expectations. Additionally, effective collateral management, including alternatives like letters of credit and third-party trust arrangements, is critical for clients navigating the increasing costs and evolving requirements of loss-sensitive insurance programs.

Commercial Property Insurance
Errors & Omissions Insurance
General Business
Article

Multifamily Properties Update: Understanding and Mitigating Attractive Nuisances

Attractive nuisances such as swimming pools, playgrounds, and trampolines can increase liability if not managed properly. Property owners must take steps to mitigate risks by installing secure fencing, conducting regular maintenance, enforcing supervision requirements, and ensuring safety protocols are followed.

Commercial Property Insurance
Article

RPS: 2024 Q3 State of the Property Market

The property insurance market in 2024 has seen a significant shift towards a buyer's market, with rates steadily decreasing across most asset classes compared to 2023. However, the market remains fragile, with the potential for a major storm or catastrophe event to reverse the current trend, and while most clients are benefiting from better terms and lower rates, some accounts with poor loss performance are still facing challenges.

Commercial Property Insurance
Blog

Buying a Local Business: What Are Your Insurance Issues?

Are you looking to buy another company? Folding its property, customers and employees into your organization is no small feat. Even if you plan to keep it as a subsidiary, you need to do full due diligence on the insurance aspect of the deal. This rundown can help you prepare so your transaction doesn’t fall through or saddle you with regret.

Blog

Cyber Insurance: 8 Essential Risk Management Tools

Cyber insurance provides more than just financial recovery, offering risk mitigation tools like incident response planning, breach response services, cybersecurity training, and pre-breach assessments to help businesses prevent and manage cyber threats. However, coverage for global operations, biometric privacy claims, and newly acquired entities varies by policy, so businesses must carefully evaluate their plans to ensure they receive both proactive security support and financial protection.

Blog

Balancing Higher Deductibles and Lender Requirements: Strategies for Real Estate and Property Management

For real estate and property management clients, balancing the cost-saving benefits of higher insurance deductibles with lender requirements can be challenging. Strategies such as deductible buy down policies, indemnity agreements, and reimbursement policies help insureds reduce premiums while meeting lender expectations. Additionally, effective collateral management, including alternatives like letters of credit and third-party trust arrangements, is critical for clients navigating the increasing costs and evolving requirements of loss-sensitive insurance programs.

Ready to partner with Koru?

Request a Risk Assessment today!