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's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be 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.

What is it: This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage.

Why get it: If you have a mortgage or a lease, you may be 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.

General Liability
This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy. General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

What is it: This policy protects your business in case of third party claims, such as bodily injury or property damage. For example, the common "slip-and-fall" claim would be covered by your General Liability policy.

Why get it: General Liability insurance is often considered to be the core coverage, particularly for businesses that regularly physically interact with customers or sell physical goods. In addition, many businesses have a contract, like a loan or a lease, requiring that they have this coverage.

Umbrella Insurance
Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

What is it: Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits.

Why get it: This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

Business Interruption
Business Interruption insurance helps compensate your business for lost income and ongoing expenses in the case that operations are halted due to a covered event, such as a fire. For many businesses, a temporary halt in operations can have a large enough financial impact to cause a permanent halt in operations. If your business would not be able to withstand losing access to a location for several weeks, this coverage may be recommended.

What is it: Business Interruption insurance helps compensate your business for lost income and ongoing expenses in the case that operations are halted due to a covered event, such as a fire.

Why get it: For many businesses, a temporary halt in operations can have a large enough financial impact to cause a permanent halt in operations. If your business would not be able to withstand losing access to a location for several weeks, this coverage may be recommended.

Hired & Non-Owned Auto
This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles. If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

What is it: This insurance protects the business in the case of any incidents involving a vehicle that has been hired by the company to be used for business-related purposes. It also provides coverage in the case your business uses other vehicles which are not property of the business, such as having delivery drivers use their own vehicles.

Why get it: If your company hires vehicles or allows employees to use their own vehicles for business purposes, you will want to consider this insurance.

Equipment Breakdown
This policy covers the cost to repair or replace specific equipment damaged by a covered event (such as mechanical breakdown or electrical failure) as well as associated business costs, such as lost income that may occur due to the equipment failure. This coverage is often recommended if your business utilizes valuable equipment or relies upon the consistent functionality of equipment. For example, restaurants often rely upon the consistent functionality of refrigerators and stoves, and the loss of perishable goods could be quite costly.

What is it: This policy covers the cost to repair or replace specific equipment damaged by a covered event (such as mechanical breakdown or electrical failure) as well as associated business costs, such as lost income that may occur due to the equipment failure.

Why get it: This coverage is often recommended if your business utilizes valuable equipment or relies upon the consistent functionality of equipment. For example, restaurants often rely upon the consistent functionality of refrigerators and stoves, and the loss of perishable goods could be quite costly.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

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