Lessor Insurance
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What Insurance Do Lessor Need?
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Frequently Asked Questions
Why do Lessors need insurance?
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.
Insurance impacts your relationship with your landlord. If you have insurance, you tell the landlord that you’ll be able to cover any damage that occurs to your property as the landlord won’t complete the repairs after damage during your lease. This then builds up your landlords' trust, and the chance of getting the lease that you want is high. Also, in a lawsuit, the insurance will cover most of the fees until its limits. Therefore, your business and personal assets are protected.
What risks do Lessors face?
Here are some of the risks that you may want to consider for getting insurance:
- If an individual is injured inside your property you are at risk of a liability claim. It can be anything like a simple slip and fall claim.
- When there is property damage or loss inside your leased property, you as the lessor will have to pay the cost to repair or replace it.
- Insurance covers you from these types of losses. Without any insurance, you could be left owing huge sums of money.
How much does the Lessor Insurance cost?
The cost of lessors insurance will depend on the size of the property and the coverage required. To find out the cost of your insurance policy, apply for a free quote online or give our insurance experts a call.