Power Insurance & Risk Management Group Insurance Coverages

Power Insurance & Risk Management Group offers a wide array of products to protect your apartment dwellings, eliminate coverage duplication, and eliminate overhead costs by consolidating all of your properties into one policy.

There are numerous coverages for the apartment building owner to consider. Primary policies include coverage for the building, loss of rent or general liability. You should also consider building ordinance or law, equipment breakdown, workers compensation, and even employee dishonesty coverage.

When thinking about the insurance needs for your real estate buildings/assets our team can help you address the points/areas below:

Apartment Community Insurance

Our professional staff of insurance advisors have over 22+ years in the insurance industry, specializing in residential real estate and commercial property protection. We believe in using this experience not just as your insurance provider, but as your insurance partner.

We invite you to work with us to find the right solutions for your apartment building, condominium association, or other multi-family insurance investments today.

When thinking about the insurance needs for your real estate buildings/assets our team can help you address the points/areas below:

• When insuring your real estate buildings/assets, do you know the differences between basic coverage, broad coverage and special coverage? Do you know how leading real estate building owners are balancing these three types of coverages around the country?
• In the state of our current economy, do you know the financial stability of the companies that are insuring your real estate buildings/assets?
• Would it be helpful to know the industry best-practice for insurance policy deductibles compared to leading real estate building owners?
• Would it be helpful to learn more about the 20 most frequently asked questions by leading real estate building owners around the country?
• Are you aware of the 48 steps for reducing your insurance risks and know how to minimize your loss prevention? Would it be helpful to have you and your team trained on these 48 steps?
• Based on the construction materials that were used in your real estate buildings, do you know how this impacts your insurance options?
• Lawsuits for sexual harassment and employee discrimination can be expensive events. Do you know what kind of coverage you have in these areas?

Apartment community size matters

The size of your apartment community matters when it comes to the types of insurance coverage you will require and the types of programs that are available. We have a rich network of insurance partners who handle all classes and sizes of communities. No matter how small or large your location is, we can work with you to find the right mix of insurance at an affordable rate.

If you have a multiple-location portfolio, you may benefit from a "loss limit" approach to property insurance, rather than a simple "blanket limit" approach. Want to hear more, we'd love to talk with you more about this approach and other creative solutions that will help you save on premiums, while ensuring your locations are properly covered.

Condominium Association Insurance

Our products include programs that fill the unique requirements of commercial clients with single or multiple rental dwellings, especially condominium associations. Our professional advisors will assist you in finding the right protection for your specific needs.

Condominium associations require unique insurance solutions that cover you for both property and liability risk of loss.

Directors and officers can be exposed to being sued for various activities managing the association's business. Therefore directors and officers coverage should be in place to protect these individuals.

If your condominium association is an employer for work, such as grounds care or unit maintenance, we can assist in setting up employment practices liability, or insure it is properly included within your directors and officers policy.

Master Policies

Common areas that are shared among the association residents should be covered by a master policy owned by the association. These areas include the roof, stairways, elevators and basements. The master policy should protect the policyholder from liability and physical property damage. The policy may also cover individual units as they were originally built and may or may not cover fixtures.

Homeowner Policies

The board and management of condominium associations must understand the scope and coverage of its insurance solutions. It is important that communication take place with the homeowners within the association so they are aware of what is covered and not covered.

It is advisable the homeowner also continue to carry coverage on their own separate policy, even where the association policy covers alterations, fixtures or appliances within the individual unit.

Hotel / Resort Insurance

Insurance is one of the fastest-growing expenses for hotel owners and managers. At the same time, appropriate property coverage is becoming increasingly more important. Power Insurance & Risk Management Group can help you find the right coverage at the right cost.

Insurance solutions for the hospitality industry provide owners and manager of hotels, spas, and resorts with the coverage necessary to protect you from the unique needs of the industry.

If you own or manage a hotel, spa, or other building in the hospitality industry, you need to be aware of some other key areas of liability that require insurance coverage. These include:

• Property Section - coverage for common property liabilities, including flood, earthquake, wind, builder's risk, crime, flood clean-up expenses and business interruption.
• Casualty- general liability, business auto, excess liability, liquor liability and umbrella coverage.
• Worker's Compensation - don't underestimate the need for insurance protection against job injury for your resort or hotel employees.

Retail Center Insurance

Whether it's a restaurant or a shopping center, your retail space investment needs insurance protection. At Power Insurance & Risk Management Group, we can help.

It doesn't matter if you sell shoes or video games, retail business owners all share common coverage needs. As business owners you need to protect your property and inventory against general liability issues such as theft, fire or flood. In addition, if you have any type of foot traffic, you will need to be well covered against bodily injury and related liability.

In general, the most cost effective form of coverage for small retail store owners to protect their property is with a business owner's policy (BOP) that is tailored towards your specific needs.

• Property Coverage -  this coverage includes inventory and business property coverage, and often includes provisions to allow for variations such as seasonal fluxes in inventory
• Liability Coverage- bodily injuries are common in stores with foot traffic, due to slips or falls.  Liability coverage also covers harm due to an item you may have sold.  Be sure to check into specific coverage provisions that may be available if you run part of your business over the internet
• Business Vehicle Coverage - coverage is available for any vehicle primarily used for business purposes
• Workers Compensation- if you have three or more employees, you should look into workers compensation insurance. This will help cover you if an employee is injured while on the job

Office Space Insurance

Most small business owners today don't realize insurance for their home or small office space is every bit as important to their business as the enterprise business office space is to larger enterprises. And therefore, most small business owners go uninsured and therefore are open to liability that is common to all business owners.

Many home office users expect their home owner's policy to cover their home office. Many policies have caps on coverage as low as $2,500. For the independent business owner, this just isn't enough coverage to properly cover the liability risks associated with running a business from home.

Talk with one of our experienced agents, about how a business owner policy (BOP) or home office policy (HOP) might be appropriate for the specific needs of your business or home office.

Industrial Building Insurance

Power Insurance & Risk Management Group provides property damage coverage and consequential loss coverage for medium to larger organizations with diverse operations and insurable value over $2,000,000.

There are many ways to insure your commercial building. Commercial building insurance sometimes applies to the property's structure; other commercial building insurance policies are designed to only cover the inventory & property inside the building.