commercial property insurance

How to find insurance inspection companies doing loss control inspections (residential & commercial lines)?

I am looking for suggestions on how to identify property inspection companies that perform loss control surveys for personal and commercial lines of insurance on behalf of insurance carriers. This search will be limited to US.

Most carriers have their own loss control guys. The ones that hire it out, usually use independent claims adjusting firms.

thinking of investing in commercial rental property, I’ve never even bought my own house before!?

I’ve found a rental property with 2, 3 bedroom apartments and a storefront…if i could pay for it in cash, 115,000.
So if i made 1500. a month in rent, assuming I could rent it all out and had to pay 8000 in taxes, 1800. in insurance, property management…and I don’t know what other bills there would be….would it be a good investment? and who should i ask for advice?

Thanks for any suggestions!

That depends on:
1. How good your assumptions are versus real operating results
2. Your investment goals and objectives.

Start with #1. Without being able to verify or challenge the numbers you supplied, let’s look at “what other bills there would be”. First, are all 4 units currently rented, or would you need to incur marketing costs? There’s very few properties that are 100% leased to tenants that pay 100% on time 100% of the time.

As I read it, you are projecting annual cash flow of 8,200. If you average 10% vacancy a year, that drops to 6200. Does your property management number simply include maintenance, or does it include normal repairs to the property? While your storefront lease could typically require the tenant to pay their share of taxes, repairs, and maintenance, the apartments wouldn’t. What about utilities? Same question. In addition to normal repairs, are you going to set aside any funds for major replacements, like when a refrigerator, air conditioner, furnace, or roof needs replacement? What happens when taxes or insurance goes up next year faster than rent? You may want to consult with commercial property managers or appraisers in your area to help you fine tune your budget.

If you achieve the 8200 every year, you’re looking at a 7% return on your 115,000 investment before tax. With the benefit of depreciation sheltering at least some of that income, the return could be higher. At 6200 it’s 5%. Is this return worth the risk and work you will put into this investment or are you better off buying a certificate of deposit and sleeping at night? Perhaps a more important question is why are you attracted to this investment in the first place? How does it align with your investing goals and objectives?

Don’t get me wrong, real estate can be very rewarding and many of us have made a great living at it. But it’s not a good investment for passive investors, those who don’t like to take risk, and certainly not for those who don’t have the ability to put in more cash when the rent isn’t coming in and the insurance or tax bill is due, or when the furnace goes out in the middle of winter. If this 115,000 is essentially your life savings, think hard and think twice. Real estate deals often look bigger coming than going.

How do you calculate insurance payments? I am starting a business and would like to know so I can calculate it

Calculating insurance for general liability, commercial property, workers' compensation, and bribery/robbery.

The easiest way of doing this would be to call a few insurance providers and ask them for quotes.

Your premium is going to depend on the type of business you're doing and type of coverage you want. It's also going to be highly sensitive to location. Get in touch with local brokers and shop around.

What is the average commission to Property casualty insurance agents?

California agency, size12,000,000 Looking for new and renewal commission on commercial lines accounts
I am looking for the producer portion of the agency commission.

Varies by line. Monoline property/gl/umbrella 10%. Monoline comp 5%. Package 15%. Professional/specialty 7 1/2%.

Is the $12M size revenues or premiums? That's a crucial bit of info here. Keep in mind, there are probably contingency plans in place with many of the carriers, for favorable loss ratios.

Also, more and more larger accounts are being written on a flat fee basis, rather than commission basis. So you have to factor that in as well.

what kind of insurance do i need for a property that is zoned commercial and used as a residence? HELP!!!?

You're going to have a challenge. First you need to work on getting it zoned properly.
If you try to get strictly commercial insurance and you have a claim and they find out it was because it was being used as a residence, it may void the policy.
You will need a homeowner's policy that might have some commercial provisions in them….a 'combination' policy so to speak.
Since there are plenty of home based businesses that need a combination policy, an experienced personal lines insurance agent will be able to help you.

Is business insurance transferrable when the business is sold?

I am looking to purchase a business insurance package (commercial liability+property) for my business. I might sell the business in the near future. In such case, my insurance would be transferrable? Or should I have to cancel the insurance policy with penalty?

Only if the business is a corporation, and you are ACTUALLY transferring the stock. IE, nothing changes except the CEO.

Otherwise, policies are not normally transferrable. They have to be cancelled & rewritten for the new owner.

Can my landlord charge for property tax and insurance within CAM charges on my commercial lease?

I have my own business insurance.
I carry my own business insurance.
My lease contains nothing pertaining to CAM charges at all. No mention of CAM charges.
I asked my landlord to see a copy of the tax bill and he hesitated and then asked why I needed to see it. I told him that it was my right and that I wanted to show my accountant. He said why? You cannot use it as a tax deduction. Then he said find out if your accountant really needs it and I will see what I can do. Something is up!

Yes they can. I wish they didn't. Just tell me how much my rent is. Don't surprise me with CAM charges that i have no control over and don't even know if they needed to be done.

Do I need a license to be a commercial property manager in Maryland, or DC, or Virginia?

If I want to manage an office property in Maryland that belongs to a friend, do I need a license? I will create my own LLC and will get insurance. I just want to make sure that I am doing everything legally.

Generally each state real estate commission hires a lawyer or two to answer these types of specific questions and I highly suggest you contact them for the sake of absolute certainty to the answer of your question. I have provided a link to their website below that has contact info.

Still, I want to compliment you on your question because since property management is often paid by a commission off of collected rent it often requires licensing (it does where I live). I read through the Maryland laws and think that if at least one member of your LLC is a licensed Realtor, you are good to go. But regardless you need to contact the ultimate authority. Good Luck

commercial property?

Hi,
I need some help I am looking to buy commercial property which is already let out long lease what i need to know is there any type of insurance that covers you against the loss of rent and if the tenant does not pay rent if some one please give as much info as possible.
Thanks

There is some coverage for businesses that are subjected to unforeseen events which cause their business to be closed or something happens where their customers cannot get to the business to buy goods.
This business interruption insurance helps cover the shortfall in earnings.
However, I don't think you'll find many commercial policies willing to pay for failure to pay rent.
You just need to make sure you carefully check the prior lease/rental history of your potential tenant.
There are many services that offer reports on the credit history of businesses.

Need Commercial Insurance (P&C or Group Benefits) Sales Executives!

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- NY/NJ (Manhattan, Long Island, Northern New Jersey)
- OH (Cleveland, Columbus, Cincinnati)
- PA (Philadelphia, Southern NJ)
- TX (Dallas, Houston)
- WA (Seattle)
- Washington DC

I am an executive recruiter and we have clients who need top-tier insurance sales executives with retail brokerage experience. Strong need for experience in: Construction, Healthcare, Life Sciences or Environmental Risk. Please send your information to roksstars_babe@yahoo.com!

I’m an experienced commercial insurance producer in San Francisco. I have a strong background in healthcare and I’m currently looking for a new position in San Francisco, CA