Insurance for Lessors

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What Lessors Are All About:

This real estate industry includes establishments that act as lessors for different types of property, including residential buildings, agricultural property, farmland, auditoriums, commercial buildings, mini-warehouses and self-storage units. Establishments may also be involved in the rental of these spaces.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
Commercial Property
This policy protects the business' assets, and is appropriate whether you own or lease your space or work from home. It can be customized in two ways: (1) insure more/less property and (2) insure against more/fewer causes of damage (e.g., earthquakes) If you have a mortgage or a lease, you are likely required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident. And if the business is at fault for property damange? It helps pay those claims too.

What is it: This policy protects the business' assets, and is appropriate whether you own or lease your space or work from home. It can be customized in two ways: (1) insure more/less property and (2) insure against more/fewer causes of damage (e.g., earthquakes)

Why get it: If you have a mortgage or a lease, you are likely required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident. And if the business is at fault for property damange? It helps pay those claims too.

General Liability
This policy protects your business claims of bodily injury, property damage or advertising and personal injury (aka reputational damage). For example, the oh-so-common "slip and fall" claim would be handled under your General Liability policy. More likely than not, you have a contract, like a loan or a lease or mortgage, requiring you have General Liablity insurance. Even if you don't, this is the absolute best measure you can take to make sure you're covered in case of a law suit against your business.

What is it: This policy protects your business claims of bodily injury, property damage or advertising and personal injury (aka reputational damage). For example, the oh-so-common "slip and fall" claim would be handled under your General Liability policy.

Why get it: More likely than not, you have a contract, like a loan or a lease or mortgage, requiring you have General Liablity insurance. Even if you don't, this is the absolute best measure you can take to make sure you're covered in case of a law suit against your business.

Umbrella Insurance
When the amount of liability coverage provided by your General Liability, Auto Liability, and/or Employer's Liability is not enough, Umbrella or Excess Liability coverage can be the solution. Umbrella coverage can be bundled with a General Liability policy or purchased as a standalone policy. This is a good idea for any business considering the astronimical amounts that may be on the line in a law suit.

What is it: When the amount of liability coverage provided by your General Liability, Auto Liability, and/or Employer's Liability is not enough, Umbrella or Excess Liability coverage can be the solution. Umbrella coverage can be bundled with a General Liability policy or purchased as a standalone policy.

Why get it: This is a good idea for any business considering the astronimical amounts that may be on the line in a law suit.

Business Interruption
Business interruption insurance compensates you for lost income if your company has to vacate its location due to disaster-related damage covered in your property insurance policy, such as a fire. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt. For many businesses, a temporary shut down can mean significant income loss that may lead to a permanent shut down. Business income protection is vital for this reason.

What is it: Business interruption insurance compensates you for lost income if your company has to vacate its location due to disaster-related damage covered in your property insurance policy, such as a fire. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

Why get it: For many businesses, a temporary shut down can mean significant income loss that may lead to a permanent shut down. Business income protection is vital for this reason.

Hired & Non-Owned Auto
This insurance covers a vehicle that has been hired by a company to be used for business-related purposes, it also covers the passengers inside. If your company hires vehicles or allows employees to borrow company vehicles for business purposes, you will need this insurance. It will cover claims of personal injury and property damage should something go wrong on the job.

What is it: This insurance covers a vehicle that has been hired by a company to be used for business-related purposes, it also covers the passengers inside.

Why get it: If your company hires vehicles or allows employees to borrow company vehicles for business purposes, you will need this insurance. It will cover claims of personal injury and property damage should something go wrong on the job.

Equipment Breakdown
This coverage is also known as "boiler and machinery" insurance, though it coverages a broad range of equipment against breakdowns caused by power surges, motor burnout, boiler malfunction and operator error. This coverage covers the cost to repair or replace the damaged equipment as well as other costs, such as business income losses that may occur due to the damaged equipment. If you're business relies on key pieces of equipment to operate, this is a must-have coverage.

What is it: This coverage is also known as "boiler and machinery" insurance, though it coverages a broad range of equipment against breakdowns caused by power surges, motor burnout, boiler malfunction and operator error. This coverage covers the cost to repair or replace the damaged equipment as well as other costs, such as business income losses that may occur due to the damaged equipment.

Why get it: If you're business relies on key pieces of equipment to operate, this is a must-have coverage.

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