Insurance for Landlords
Landlord’s face unique risks and need to be sure their insurance program is custom-tailored to fit their needs. Shields Insurance Agency provides coverage to owners and managers of commercial and habitational real estate.
Types of Landlord Insurance
- Property – covers loss to buildings, personal property and loss of income from causes such as fire, lighting, wind, theft, etc.
- General Liability – covers liability arising from personal or advertising injury or bodily injury or property damage occurring on your premises or from your work, products or ongoing operations
- Errors & Omissions Liability – covers liability arising from a professional error or omission arising from work as a realtor, landlord or property manager
- Business Auto – covers physical damage to your owned, rented or non-owned vehicles, as well as liability arising from bodily injury or property damage to others
- Employment Practices Liability – covers liability arising from employment issues like discrimination, harassment, retaliation or wrongful termination
- Directors & Officers Liability – covers liability to director and officers of your company resulting from fiscal mismanagement, breach of duty, etc.
- Fiduciary Liability – covers liability to “fiduciaries” on behalf of beneficiaries of employee benefits, health/welfare plans and retirement plans
- Crime – covers losses resulting from employee dishonesty, funds transfer fraud, robbery or theft and forgery or alteration
- Cyber Liability – covers liability and expenses arising from data breaches
- Workers Compensation – covers your obligations to work-related injuries under workers comp statute, as applies in your state
- Tenant Legal Liability – covers you for damage caused by tenant negligence to your property
- Coverage Enhancement Options (theses are often excluded from coverage unless added by endorsement):
- Ordinance or Law – covers your property for increased costs of construction to comply with updated building codes after a covered loss
- Equipment Breakdown – covers equipment like generators, hvac systems, phone systems, computers, machinery and boilers from mechanical breakdown, explosion or electrical arcing
- Flood – covers your property from flood damage
- Earthquake – covers your property from earth movements
- Punitive Damages – covers loss resulting from judgments which impose multiplication of the general damages as a punishment to the defendant (note: punitive damages insurability by state)
- Mental Anguish – ensures coverage for bodily injury applies to mental anguish, which in some jurisdictions has been classified as such, but in others it’s not so clear
- Wage & Hour – coverage for employment practices liability resulting from disputes over salary vs hourly workers (i.e. exempt vs non-exempt employees)