If you own a commercial building and lease out most of it (typically 75% or greater) to tenants for retail, office, personal or warehouse space, a lessor risk insurance policy is highly recommended.
What is Lessor Risk Insurance?
Lessor Risk Insurance protect you from liability if a tenant injures themselves, or causes property damage while on your facility’s property. This comes in handy if you’re sued by a tenant or one of their customers.
What does Lessor Risk Insurance cover?
A Lessor Risk Insurance policy can protect you from being financially responsible for any of your tenants property loss (including theft and vandalism) while their property is stored on the premises. This coverage will also protect you from a lawsuit that arises from personal injury of an employee, the lessor themselves or any of their customers while on the property.
How much do I need?
While most businesses won’t need more than $1 million in coverage, all businesses should speak to a qualified insurance agent to determine how much coverage should be purchased. Limits can exceed $5 million.
If you own multiple properties, even ones that are adjacent to one-another, you will likely need several insurance policies to cover each building. Talk to an agent at Secord Insurance Agency in Seattle to determine the amount of coverage you need and how many policies you should carry.