Posted on: January 12, 2015 by titan-goodrich
Newport News commercial ad business property owners face many nuanced liability risk exposure when they lease out their spaces to local business owners and tenants. One of the greatest liability concerns is that of third party personal injury or property damage on your premises. These allegations and incidents can expose property owners to legal fees, medical expenses, fines, fees, and a number of other costs should they be found responsible is a tenants, their employees or their clients become injured on the property. Similarly property owners can also be held accountable for any property damage suffered by these parties that is found to be the fault of the lessor.
It is important to understand your responsibilities as a landlord so that you can best avoid these liability exposures. Generally speaking, commercial landlords are legally responsible for making sure that their properties comply with all federal, state and local building, upkeep, and accessibility codes and laws. Landlords are also responsible for the safety, structural stability and maintenance of their properties, inside and out, including such additional spaces as parking structures, courtyards, lobbies, and other public spaces. However, even the best maintenance and upkeep practices are not always enough to prevent every accident from occurring on your premises.
As such, Lessor’s Risk Insurance was designed to protect property owners from bearing the financial burden of accident which occur on their property. Newport News Lessor’s Risk Insurance kick in when allegations are brought against business property holders that some negligence or oversight on their part has led to the personal injury or property losses of their tenants or other third parties. The right Newport News Lessor’s Risk insurance coverage can help protect your investment from litigation and other expenses in the event of an accident.
If you are a Newport News rental property owner then you need Lessor’s Risk insurance, and Goodrich & Watson can provide you with comprehensive Newport News Lessor’s Risk insurance coverage at affordable rates. Our business insurance specialist can help you find all the solutions you need to protect yourself, your business and your assets. To learn more about our operation and our policies, give us a call today at (888) 829-5004.