Insurance for Other Rentals
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What Insurance Do Other Rentals Need?
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.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
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!
Frequently Asked Questions
Why do Rentals need insurance?
This industry consists of establishments that lease, rent and sell different products and goods. Businesses include those involved in renting trucks, utility trailers, videotapes, recreational equipment, office machinery, lawn equipment, and clothing.
Rentals need insurance to protect their business from the many known and even unknown risks. The insurance will kick in when a covered risk occurs, for example, a lawsuit, in which case it will pay for the defense and court costs.
What risks do Rentals face?
Rentals face a lot of unique risks. Below are some examples:
The property gets damaged by one of your renters. Your renter doesn't have the insurance needed to cover for the damage.
The commercial vehicle that your employee is driving gets involved in an accident in which it is later proven that it is the employee's fault. Your business then needs to pay for the damages and medical expenses the other party has incurred as a result.
An employee gets sick on-site due to extreme weather conditions. As their employer, you are responsible for the medical expenses of that employee.
How much does insurance for Rentals cost?
Insurance companies' rates can vary significantly as every insurance company takes various factors into account. These include the coverage you need and how much you are willing to spend, the amount of the deductible, and the location. If you want to find out the cost of insurance for your business, simply apply online and your quote will be delivered to you in a snap.