There are so many things that go into being a landlord: lots of paperwork, selecting the right tenants, keeping up with maintenance requests, the list goes on and on and can potentially be stressful to keep up with. On top of that, worrying about what risks could happen and what types of insurance you should have can make it even more stressful!
Here are some risks (and solutions!) that you could face as a landlord:
Tenant Legal Liability
Whether it be fire, water, or smoke damage, the most common causes of property damage is from your tenants. However, you can purchase an insurance policy that protects against this damage. This policy is in your control and pays the loss to you! It also may allow us to secure more credits or better pricing on your Commercial Property insurance.
After a natural disaster, your property could experience a loss which may lose rental income for a period of time. Business Interruption insurance can help protect against this loss of income!
If your property is going through repairs or new construction, then a broad Builders Risk policy may be the best type or protection. It may also be more cost-effective than Commercial Property insurance.
While owning property, it may create environmental exposures either accidental (or intentional) removal of hazardous materials or discharge pollutants from your properties. If your exposure is serious enough, you might want to look into Site Pollution Liability.
There is a good chance that your employed maintenance workers and property managers are driving their own vehicles while doing work for the company or on your behalf. If they are involved in an auto accident, you could be exposed to risks. A great solution to this is to purchase non-owned auto insurance!
To learn about more risks and solutions that you could face as a landlord, visit https://shields-insurance.com/home/commercial-small-business-insurance/landlord-insurance/ or contact Shields Insurance Agency today at (205) 783-5893.Posted on