Commercial Property Insurance and Business Insurance
Fill out the below form to receive a no obligation comprehensive review of your current insurance program or future insurance needs to ensure all your assets are adequately covered and you are not over paying on your commercial insurance or benefits.
LDCRE has partnered with Wirtz Insurance Agency, Inc. (“Wirtz”), to provide the LDCRE community with multiple commercial property insurance and business insurance options to best suit each asset or company’s needs. Wirtz has been operating as an independent insurance agent for over 65 years and is fully licensed throughout the United States. Wirtz’s successful history and strong relationships with many of the leading insurance companies they represent, allows them to be able to compare and customize commercial insurance solutions specific to their clients needs.
It is recommended that all business owners and commercial property owners establish an annual review process of their insurance policies. As businesses grow or asset portfolios grow, business needs change. An annual review process helps a business to stay proactive regarding asset replacement cost issues that could exist due to changing portfolios over time and stay up to date with the latest industry trends. In addition to making sure all businesses and assets have the proper coverage it never hurts to shop prices. With Wirtz’s many relationships they are able to customize insurance products to ensure clients have the appropriate level of coverage from a quality insurer at the best price.
Property & Casualty insurance
Our professionals have experience in underwriting and risk management in addition to insurance specific professional designations, such as the CPCU designation. This expertise and training provides them insight to secure a comprehensive insurance program for your company.
Property & Casualty products available include, but are not limited to:
- Property Insurance: This is first party insurance of real and personal property against physical loss or damage. Property protection may also include equipment breakdown insurance and business interruption/extra expense insurance which pays for a loss of earnings or income when business operations are interrupted, curtailed, or suspended due to a property loss.
- General Liability Insurance: This is a form of insurance sold to businesses to indemnify the business for third party claims due to negligence. Coverage can include premises and operations liability for jobsite, onsite accidents, as well as product liability claims. Personal Injury can also be a component of general liability. This includes injury, other than bodily injury, resulting from false arrest, false detention, false imprisonment, malicious prosecution, wrongful eviction, wrongful entry, or the invasion of privacy of premises. It also includes injury caused by oral or written material that slanders a person, goods, products, services, or which violates the right of privacy.
- Liquor Liability Insurance: This is for the basis of legal liability for a dram shop, liquor control, or alcohol beverage law. The law might vary, but most provide that the owner of an establishment, which serves alcoholic beverages, is liable for injury or damage caused by an intoxicated person if it can be established that the liquor licensee caused or contributed to the intoxication of the person.
- Inland Marine Insurance: This is the insurance of property, most often on an all risks, that is in the course of transportation or is of such nature that it may easily be transported. This can include coverage for valuable papers and records, electronic media. Typically, coverage is limited to the cost of recreating or recovering the lost documentation.
- Ocean Cargo Insurance: This is a type of marine insurance that provides property protection for cargo that is being shipped by sea or over water.
- Automobile Insurance: This insurance can include coverage for a company’s owned vehicles for liability and physical damage (usually subject to a deductible) and exposures to hired & non-owned auto liability
- Excess Liability Insurance: This is a type of liability insurance protecting policyholders for claims in excess of their primary automobile, general liability, and workers compensation policies. This type of policy may be subject to a deductible.
- Workers Compensation Insurance: Employer protection that provides benefits to employees for any injury or contracted disease arising out and in the course of employment.
- Directors and Officers Insurance: Provides coverage for individuals while serving as directors or officers while serving on a board or as an executive officer of a company. This coverage covers management for a managerial decision made that could have adverse financial decisions for a company
- Employee Benefits Liability Insurance: Provides coverage for an employer for an error or omission in the administration of an employee benefit program
- Crime insurance: A coverage used to encompass the variety of crimes against losses of money, securities and property by such causes of loss as employee dishonesty, forgery, theft, burglary, robbery, kidnap, extortion and fraud.
- Flood & Earthquake insurance: Traditional property insurance policies do not usually cover the perils of flood or earthquake. This coverage has to be endorsed onto or a separate policy needs to be written to cover this exposure.
Our office works with a strong group of surety companies including St. Paul Travelers, CNA Surety and Chubb to name a few. A Surety Bond is needed when one party (the company) obligates itself to a second party (the oblige or beneficiary) to answer for the default of a third party (the principal) for failure to performed specified acts within a stated time. A Variety of bonds can be written for different professions and industries to meet any client needs.
Professional Services firms and individual practices face unique challenges in order to obtain affordable coverage in today's litigious society. Our staff is here to find carriers and underwriters willing to accept these business risks, so our clients can concentrate on the job at hand.
We can find solutions for any industry performing professional services, including, but not limited to real estate brokerage firms, brokers, mortgage brokerage firms, property management companies, asset management companies, accountants, architects, consultants, engineers, lawyers, technology, and media companies. Wirtz will match the client's professional exposures with insurance carriers best suited to provide comprehensive coverage at an affordable price to meet our client's needs.
Executives of firms both large and small face many challenges in addition to achieving typical business objectives that require some type of management liability coverage. Business management risks include, but are not limited to: financial restatements, employment disputes, white-collar theft, and cyber crime. Corporations, their employees and board of directors, whether non-profit, public or private organizations, are vulnerable to litigation, even with the best policies in place. Wirtz Insurance Agency can provide the following management liability products to meet the needs of our client:
- Cyber Insurance
- Directors and Officers
- Employment Practices
- Fiduciary Liability
- Forgery and Alteration
- Errors and Omissions
- Business Travel Accident
- Kidnap and Ransom
- Workplace Violence
Accident & Health insurance
A comprehensive employee benefits program gives you the power to attract and retain key members in your organization. We can design and provide a competitive, well-communicated program tailored to your needs and budget versus a one-size-fits all cookie-cutter approach.
Wirtz can structure the following for almost any sized business:
- Group insurance plans
- Health and wellness promotion programs
- Voluntary life and disability programs
- Key executive programs
Our professional staff will evaluate existing employer-sponsored and voluntary benefit programs to determine if improvements can and/or should be made. We take a step-by-step approach to develop a competitive program unique to your business needs.
A few of the many insurance companies we work with that meet these high standards include:
- American International Group (AIG)
- AmTrust Financial
- Blue Cross Blue Shield
- CNA Companies
- Dearborn National
- Grange Insurance
- Great American Insurance Group
- The Hartford
- Lloyd's of London
- Mutual of Omaha
- Nationwide Insurance
- Safeco Insurance
- Travelers Insurance
- Zurich Financial Services
The client was heavily reliant on their current insurance agent for details regarding their insurance program. The relationship had deteriorated and over the years it had become apparent that high standards were no longer being met. After review of the current insurance program, Wirtz Insurance recognized that the client’s assets were either underinsured or uninsured by over $2M dollars. In addition, large and immediate loss exposures regarding the client’s land were not properly addressed.
The client is one of the top 5 largest total insured values in the Midwest with a large, nationwide, ‘A’ rated insurance carrier. Despite its high profile, and overall size and scope, Wirtz Insurance was able to obtain full limit coverage for the property including $50M sub limits for flood and earthquake and full limits on ordinance/law coverage with a $100K deductible for all perils insured against.
The client has a portfolio of habitational buildings in the Chicagoland area with construction date ranging from 1904-2017. All but one of these properties was built prior to 1950. Wirtz Insurance was able to place full limit coverage on the property including $25M sub limits for flood and earthquake and a $5M dollar sublimit on ordinance/law coverage with a $100K deductible for all perils insured against.
Wirtz Insurance helped to foster a partnership between the agency, client, and insurance company to implement a behavioral based loss control system for the client. Significant loss frequency improvements were seen with number of claims decreasing 50% over a 5 year period resulting in significant premium savings for the client.
Wirtz Insurance took over the insurance program of a large industrial complex that was in the process of being converted to a new use. Although the properties were not originally intended for their new use, and the client had over $10M dollars in claims paid in the prior 3 years, Wirtz Insurance was able to place the coverage on a layered property approach to create premium savings for the client while simultaneously helping to reduce losses. As the losses decreased over the years, insured values were increased to reach a fully insured value. This allowed the insured to balance insurance cost with coverage they needed. Today, the client has been loss free for the last few years and is insured with an ‘A’ rated carrier for property and general liability, despite a highly visible public exposure.
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