Posted on: May 5, 2015 by titan-goodrich
If you own a building in Virginia that is used for the purpose of leasing retail, warehousing, office or personal space to others it is important to properly protect yourself from the many property loss and liability exposures you face. Basic commercial property and liability coverage, which covers your building, your property located within the building and third party liability exposures not related to a lessee’s business activities, is often not enough to protect property owners from the full spectrum of exposures they face. As such, Lessor’s Risk Insurance is an essential tool for protecting property owners against liability exposures that accompany being a landlord. It can help shield Virginia commercial property owners from lawsuits arising for a lessee, or a customer of the lessee, that sustain bodily injury or property damage while on the property you own.
Lessor’s risk insurance is not a substitute for commercial property or liability coverage, but merely an additional liability coverage option. Essentially, Virginia Lessor’s Risk Insurance is designed to protect commercial property owners from liability exposures arising from a lessee’s property loss that is the result of damage and destruction of property, vandalism and theft. This type of insurance also protects building owners against claims related to injuries suffered by the lessee, its employees, and customers who visit the location. When purchasing a Virginia Lessor’s Risk Insurance policy it is important to choose the highest coverage limits your operation can afford in order to maximize your protection against lessee liability and exposure to out of pocket expenses.
At Goodrich & Watson, we are in the business of helping Virginia property owners find the complete property protection they need. Our Newport News insurance agency provides commercial property owners through out Virginia with lessor’s risk, commercial property coverage and other must-have insurance policies designed to the unique specifications of each client. To learn more about our operation and all of our offerings, contact us today at (888) 829-5004.