Insurance Planning For Multifamily & Commercial Real Estate

How can you insure your property using a limited liability company (LLC)? What’s the best type of insurance to obtain? Today, Clint Coons of Anderson Business Advisors talks to Drew Maconachy of Maconachy Stradley Insurance. Drew discusses the importance of insurance and provides information on planning for multifamily, commercial, and other policies.

Highlights/Topics:

• Insurance Policies: Understand intrinsic value of what and why you’re buying
• Teach and Preach: Drew generates organic growth by spreading his gospel on insurance
• Be proactive and make it a priority to get an insurance policy; don’t wait until it’s too late to solve a problem
• How to avoid biggest mistakes made with insurance policies for properties:
  • Find in-the-know industry experts who understand your needs; don’t go to a family member or representative who sells auto insurance
  • Only buy what you need; not sripped-down policies that don’t offer adequate protection and coverage
  • Make sure insurance policy handles most common claims, including ordinance and law, business interruption, and water backup coverage
• Consider purchasing the following coverage through insurance policies:
  • Commercial package that includes:
    • Property coverage to insure buildings, their contents, and loss of rent.
    • General liability coverage if someone slips, trips, or falls on your property
  • Additional coverage and insurance policies:
    • Umbrella policy for additional liability coverage
    • Pollution coverage for older buildings or that have increased exposure to moisture because mold is usually excluded in most policies
    • Directors and Officers (D&O) coverage if accepting money from outside/third-party investors that could file a lawsuit against you
• Ask the right people, the right questions:
  • Do you cover loss of rents? Is there water backup coverage on the liability side? Is there assault-and-battery coverage included? What about dog bite coverage?

Resources

Maconachy Stradley Insurance

Drew Maconachy’s Phone Number: 330-966-5170

Essential Elements of a Commercial Insurance Policy - Drew Maconachy

How to Win Insurance Inspection - Drew Maconachy

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