Lessors risk insurance is crucial for anyone who owns property and leases the building or parts of the building to someone else. This kind of insurance is beneficial for those who, for example, own a high rise apartment or a retail plaza.
This type of insurance package protects you from claims filed for injuries caused to people or belongings on your property. Not only that, but a lessor’s risk insurance policy can also help protect against theft of your renters’ property, vandalism, litigation, or even repair and replacement of a tenant’s belongings. In addition, it can also help provide financial assistance if someone is injured on your property — and it’s no secret that injury treatment costs add up quickly.
When shopping for lessor’s risk insurance, you should be sure to choose the highest limit you can afford since anything that exceeds your coverage amount, like bodily injury, will come out of your pocket. If you can afford a higher coverage limit, you should always choose that!
If someone who is leasing on your property provides risky services that involve something like manufacturing, where there is a greater risk for property damage or injury, you should consider an even higher coverage option. Although it may be an annoyance at the time, you’ll be glad to have it when the time comes that you need it. It could save you a lot of money in the long run!
Although you can’t plan for any of the mentioned situations, it’s important to be prepared just in case. One unplanned mishap can cause your entire business to go under, and it can all be avoided by investing in lessor’s risk insurance.
Keep in mind that in order to qualify for this kind of insurance, you typically must lease out the entire building. You won’t qualify for lessor’s risk insurance if you occupy more than a quarter of the total building space.
If you’re looking for a lessor’s risk insurance package that protects you against the unexpected, contact today. We’ll help you decide on a coverage limit that is right for you and your business while explaining every kind of coverage along the way. We’ll ensure that you’re well informed about all coverage options before making a final decision, and you’ll never leave our office disappointed. Feel free to contact us today for more information about a lessor’s risk policy.