Due to the specialized risk profile of the commercial real estate business, and our relationship with Bryn Mawr Trust, BMT Insurance Advisors specializes in implementing holistic insurance plans to help businesses in commercial real-estate mitigate risks. Understanding buildings, real property, liability exposures for the premises, loss of income from a covered insurance claim on the premises, specialized real estate errors and omissions insurance, property management liability, and more, this portfolio of insurance products and services addresses the unique and complex risks of this service sector.
Professional & Management Liability
There are many liabilities that can land a commercial real estate company in court and harm their reputation amongst customers and vendors. These include general liabilities such as bodily injury, property damage, and advertising claims, as well as professional liabilities such as intellectual property disputes and professional error mistakes leading to monetary damages. BMTIA offers a comprehensive liability program tailored to commercial real estate company that provides coverage for Premises and Operations, Personal Injury, Advertising Injury, and Errors and Omissions.
Property insurance can be a difficult coverage for commercial real estate company. Because they have so much valuable electronic equipment on the premises, disasters and accidents can lead to costly expenses and repairs, and disruptions can have immediate and drastic effects on their business operations. This Commercial Property program can be designed to cover a firm’s assets including the building space, its contents, computers and other media equipment, inventory, and supplies. The program can also include Business Interruption and Extra Expense coverage.
Commercial Automobile Insurance
Vehicle repairs, medical costs, and lawsuits can be very expensive for commercial real estate company. This Business Auto policy will cover insureds for medical expenses incurred from car accidents, damage to others’ property as a result of an accident, liability claims, and physical damage to company vehicles. The program also includes Hired and Non-Owned Auto coverage for firms whose employees use their own vehicles for business purposes, or for employees leasing cars for company business. The program can also help commercial real estate companies to implement a driver-training program to further mitigate losses.
Cyber Liability Insurance
Commercial real estate company are not immune to cyber-attacks; in fact, data breaches are even a threat for commercial real estate companies of all sizes, due to the data stored in their offices and computers. This Cyber Liability program can be customized to suit individual company’s needs. It will provide coverage for first-party losses including the cost of notifying clients, forensics to determine the source of the breach, PR campaigns to combat reputation damage, credit monitoring for affected clients, and any cyber extortion demands or ransomware. In addition, the program will provide further coverage for third-party cyber losses including attorney fees, court costs, and settlements or judgments. The third-party coverage can be included within the Professional Liability insurance program.
Though the commercial real estate sector is not considered a “high-hazard” field, it is still important for them to understand what drives workers’ compensation costs and take measures to reduce claims, injuries, and expenses. One major cause of Workers’ Compensation difficulty is subcontractor use, which is common for commercial real estate. In addition to providing Workers’ Compensation coverage, this program offers risk management solutions, worksite evaluations, self-insurance alternatives, and cost-containment services.