The Arizona commercial real estate market has fluctuated post-pandemic. Vacancy rates have remained elevated, compounded with negative absorption rates. While we wait for the market to shift into a more favorable position, the importance of working with an insurance agency with the technical ability to write your CRE portfolio and solid market relationships is critical. Wilson Insurance endeavors to be your agency of choice.
Together we can find solutions to address your insurance coverage and budget requirements
We don’t want you to pay more than you should either. We will steer you towards savings
We have been helping Arizona business owners for almost 40 years. We are your local insurance advocates.
In addition to helping you place your real estate portfolio, Wilson Insurance can help place coverage for your tenants at a competitive rate. This can drive your costs down. Why? We can leverage both policies to drive down both of your insurance costs. By taking a holistic approach to managing your property’s risk, we can apply maximum pressure for your benefit. We don’t just work hard for you, we work smart for you!
Another advantage of having Wilson Insurance write both your commercial real estate policy and your tenants in a closed-loop system is simplifying certificate and coverage compliance.
Commercial real estate companies need both property and liability coverage. Optional coverages like business interruption, equipment breakdown, ordinance & law, and flood insurance may also help reduce out-of-pocket expenses should you experience a total loss.
Commercial property coverage protects physical damage to the building, contents, and loss of business income for covered events. It does not protect your tenants’ improvements or betterments, contents, or their loss of business income.
It is a good practice to complete a new building valuation at each renewal is a good idea. Why? Arizona property values have skyrocketed in the past several years. This requires you to adjust your policy values so your limits reflect today’s market conditions. If your buildings have a co-insurance percentage programmed, you could have a penalty applied if you are underinsured at your time of loss. You will be angry if you can only collect a fraction of your property limit because you insured it like it was 2018.
Rating factors include location, original age of building, building construction type, updates, fire protection, building condition, occupancy type, claims history, and market conditions. Generally speaking, commercial real estate (LRO) is highly sought after business by insurance companies because it is considered lower risk. This translates to lower premium than other industries.
As a property owner you have premise liability. Your lease agreement should outline what your responsibilities are. This should include building maintenance and security. If you fail to maintain your building, your landscaping, and the parking lot and injury occurs, you could end up servicing the claim for bodily injury or property damage.
Yes! This coverage would be included in your business income and extra expense coverage.
Our preference is to report it to Wilson Insurance. This enables us to monitor and advocate for you throughout your claim experience. We want you to have a good experience. An alternative option is calling the claim number listed on your property DEC page, or in your customer portal on the insurance company website.
Yes, your tenants need their own coverage for their operations. Your limits do not stack on top of theirs and vice versus. You should each have your own separate property and GL limits because you have two separate exposures. In addition, as a CRE you should be collecting certificates of insurance at each renewal to make sure coverage is in force and limits are compliant with your tenant lease agreement.
Absolutely! You can personalize your policy based on your risk preference by increasing or decreasing deductible limits, co-insurance percentages, adding or subtracting optional coverage enhancements, and utilizing embedded services offered by your insurance company.
