Working in the commercial real estate industry involves dealing with a unique set of risks. Figuring out what type of habitational property coverage is best for you is vital, as improper coverage can expose you to costly lawsuits or repairs.
There are many things that could happen when you lease out space to tenants, such as:
- Storm damage
- Equipment failures
Depending on your location, you may face additional risks, such as floods or fires. Any of those events can result in lost income and you may need to pay large sums of money to cover expenses.
The coverage available to you depends on your specific needs, the location and the insurance company. However, your plan should cover the basics, including:
- General liability
- Law and ordinance
- Excess liability
- Workers’ compensation
- Commercial property
- Environmental impairment liability
In some situations, having the right insurance plan in place can mean the difference between paying a deductible and other costs or going through bankruptcy.
Although it can be a lucrative and enjoyable endeavor, working in the commercial real estate industry takes a lot of hard work. Protecting your investments with the right coverage can give you peace of mind and allow you to focus your efforts on other aspects of the business.