If you own a small office, retail space or an entire manufacturing complex that you lease to others, you should be carrying Lessor’s Risk insurance to adequately protect your investment from litigation as the result of an accident. The professionals at Goodrich & Watson can provide you with this must-have insurance coverage.
If you own a building and use it for the purpose of leasing space to others, Lessor’s Risk insurance is an essential tool that protects you against liability. It can be a shield against lawsuits if a lessee (or customer of the lessee), sustains injury or property damage while on your property.
Lessor’s Risk insurance responds should you be found responsible if one your tenants, their employees or even a client of one of your tenants, is hurt or sustains property damage while on the premises. It covers liability and property damage losses that occur on your property.
For example, if an individual is injured at the premises location, which can include anything from a simple slip and fall accident, to major injuries such death and dismemberment, the liability portion of your Lessor’s Risk policy is intended to provide coverage, not only for the injured individual, but also to protect you from subsequent lawsuits. Or, should property damage occur to the belongings of the occupants leasing your property, your Lessor’s Risk coverage policy would provide them with coverage for repairs or replacement of their property.
Without this policy or adequate limits that address your particular needs, you could be end up having to paying a significant amount.
Our professional staff at Goodrich & Watson will review the details of a Lessor’s Risk insurance policy with you and how best to proceed so that you are properly insured.
We look forward to speaking with you about your lessor’s risk insurance needs. Please give us a call at 757-591-2032 to find out how we can help protect you today and into the future.