As a property owner who rents out a commercial space, you know that there are a lot of risks involved. One of the most significant risks is damage or loss to your property inflicted by your tenants or their guests. For this reason, every commercial landlord needs to have the right insurance coverage to protect themselves from these risks. One type of coverage you should consider is lessors risk insurance.
What Is Lessors Risk Insurance?
Lessors risk insurance provides coverage for commercial property owners who lease, rent, or lend their properties to others. This coverage helps protect you from damages or losses caused by your tenants, their guests, or third parties while they are on your property, including losses from theft and vandalism.
Who Needs Lessors Risk Insurance?
Any commercial property owner who is leasing out their property to tenants should have lessors risk insurance.
Even if your tenants have their own insurance, this coverage is essential for your protection against any damage caused by them.
It is equally important if you lease your property to commercial entities like shops, restaurants, or offices, where there is more risk of customer incidents or accidents on the property.
What Does Lessors Risk Insurance Cover?
Lessors risk insurance covers property damage resulting from natural disasters such as earthquakes, fire, lightning strikes, and other accidental events like theft, vandalism, or damage by the tenant or third parties.
This insurance coverage also protects the property owner against personal injury liabilities resulting from accidents that occur on the rented property.
What Are the Exclusions of Lessors Risk Insurance?
Exclusions of lessors risk insurance vary by policy. You should read your policy carefully to understand what is not covered.
Common exclusions include damages caused by floods or earthquakes, wear and tear over time, intentional damage or illegal activities, and damages caused by a tenant’s business operation or products.
Wrapping It Up
Lessors risk insurance is crucial coverage for property owners who lease out their property to tenants.
This coverage includes protection against damage caused by some natural disasters, tenant or third-party vandalism, and personal liability for injuries sustained on the rented property. It is crucial to research and compare different insurance providers to choose the one that offers the best policy with competitive rates.
Protect yourself against an unforeseeable loss that could destroy your investment by getting lessors risk insurance today!
Need Commercial Insurance? Uniserv Is Here To Help
Whether it’s life insurance or business insurance, we offer a wide range of insurance solutions to protect the things you value the most.
We serve companies and individuals all over California. Call 888-698-6473 today or fill out the contact form to get the dependable protection you deserve.
