For property owners, there are many risks that can occur on your investment property. That’s why we recommend lessor’s risk insurance.
Lessor’s risk insurance is a business insurance that provides protection for business owners who lease space to commercial tenants. A lessor’s risk policy can protect landlords from serious losses if anything happens to your building or on your premises. This coverage also provides coverage for lawsuits if a lessee, or a customer of the lessee, sustains bodily injury or property damage while on your property.
Lessor’s risk insurance is similar to general liability insurance in that both offer protection when a third party claims damage. The difference lies in the fact that a lessor’s risk policy applies to losses resulting from your tenant’s use of your building.
An example might be if your tenant falls in the stairwell of your building and claims that he fell because he could not see due to poor lighting. This would be covered under your lessor’s risk policy.
Coverages include:
- Business Income Coverage (If your building is damaged by fire, for example, this coverage can help pay for lost income while your business is shut down)
- Property Coverages (Provides coverage for weather damage, fire, vandalism, water related damages, and theft)
- Liability Coverage (Offers coverage for slip and fall injuries or auto accidents on the property)
To learn more about how a lessor’s risk policy can benefit you, just contact us.
