Commercial Property Insurance

Your business and the property from which you operate it are your livelihood. While in today’s hyper-connected world, you may be able to operate your business without a brick-and-mortar facility, it is very common for business owners to still depend on having a business location. Any type of loss can grind such businesses to a halt, and render a profitable year impossible; or worse.

With Mason & Mason’s access to the nation’s most highly-regarded carriers, we help clients manage their risk associated with their commercial property. We work with clients to determine the best strategy for coverage associated with multiple locations, properties under construction or undergoing renovation, and for properties that are leased out to other tenants.

Issues such as vacancy, fluctuating costs of construction materials, adequate coverage for signage are all part of the commercial property policy puzzle. We help make sense of it all, providing true value for competitively priced premiums.

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Hospitality Industry & Restaurant Insurance Team

“Choosing Mason & Mason for my insurance needs has been one of the best business decisions I’ve ever made."

Russ Busa, Sterling Homes Development Corporation

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Who’s Your Star?

Small and medium-sized businesses often have employees that are “stars.” Sometimes the star is the CEO or president, other times there is a salesperson who consistently outsells every other sales team member by a two to one margin. Maybe you’re a software company that has a star coder whose ideas led to your product being a number one editor’s choice. The point is that most companies have an employee or two that helps their business thrive. What happens to your business in the short-term if a star employee, referred to by the insurance industry as a “key man,” dies?

According to a study conducted by the National Association of Insurance Commissioners (NAIC), only 22% of small businesses carry this type of coverage.

Death is an issue that most people do not like discussing, so many small and medium-sized businesses do not have detailed succession plans, and key person life insurance remains an unresolved issue. It is a discussion that helps your company survive the difficult times that can follow the death of a key person.

What is Key Person Life Insurance?

Key man life insurance protects a business from economic loss relating to the death of a key employee. The company buys the insurance, owns the policy, and is the beneficiary of the policy in the event of the sudden death of the insured. Payment from the insurance company to the business is a lump sum, and there are no restrictions on how the company can use the money. Most companies use the money to stabilize the business until they find the key person’s replacement.

Types of Key man Life Insurance

Businesses gravitate to two kinds of policies for key employee life insurance.

Term Life Insurance. Startups favor this type of policy. Startups always try to conserve cash, term life insurance is cheaper than any other kind of personal life insurance.

Policies that build cash value. Whole life or universal life insurance builds cash value that increases the cash value of the policy and is an asset on the company’s book. The company can get access to the excess cash value of the policy at any time for any purpose since the money from the cash buildup belongs to them.

Life insurance premiums vary between companies and smart companies comparison shop for the best insurance program.

The discussion is uncomfortable, but if you do not have key man insurance, it’s worth talking about.