Lessors Risk Insurance is a must-have for the business owners who lease or rent commercial space to businesses. In the event of an accident happening on your leased property, the insurance policy will cover liability costs. Lessors Risk Insurance will be particularly useful if you rent business property to manufacturers or companies working with heavy equipment.
In the event one of your tenants, their employees, or their clients suffer a physical injury or sustains property damage while on your leased or rented property, you might be held liable. Unfortunately, your Commercial Liability policy will not cover the above mentioned situations, so you need to have a Lessors Risk Insurance policy in order to protect your business.
Lessors Risk Insurance may offer protection in the following situations:
- Theft of the property belonging to your tenant or your tenant’s customer;
- Vandalism of the property belonging to your tenant or your tenant’s customer;
- Litigation expenses from processes and lawsuits;
- Replacement or repair of tenant’s belongings;
- Financial assistance in the event of injury on premises.
The majority of basic Lessors Risk Insurance policies do not offer coverage for the damages resulting from contamination or pollution. However, most insurance carriers allow you to add those extra coverages. Independent agents at Team Insurance can answer any questions you might have about the needs of your business and available basic and additional coverages.