Business Rental Property Insurance with Blue Lion Insurance Advisors, LLC located in Red Bank NJ
What is your liability as an owner
As the owner of the property, you are responsible for taking steps to assure that anyone who enters, whether welcome or unwelcome, stays safe.
While warning signs are an excellent start, many children may not be able to read them, so it is important to find additional ways of protecting your property. Ensure that gates are secured and fences are not easily climbed.
Adequately cover or protect any conditions, including pools, ditches, walls or other man-made physical features that might present a hazard. This includes covering pools to avoid accidental drowning, placing sturdy fencing around hazardous areas and placing warning or “No Trespassing” signs.
In addition, all safety equipment should be stored and locked at the end of each shift to avoid trespasser tampering.
Property owners are also liable for maintenance and security, making sure that the property remains safe for all visitors. This includes the following:
- Fixing cracks or gaps in walkways to avoid slip and fall dangers.
- Locking all hazardous tools, equipment and chemicals away from the public.
- Hanging flood lights in areas with low visibility.
- Hiring security guards for added protection.
- Installing rescue equipment such as ropes and poles.
- Installing alert devices, such as flashing lights, sirens, alarms and telephones to alert security that someone has trespassed onto the premises.
- In attractive nuisance cases, negligence means that the property owner was aware that someone could get hurt on the property and did nothing to prevent it
Loss of Rents
As a landlord, you are dependent on the income from your rental properties. How will you cover expenses if an accident prevents your property from being rented?
- Rent loss insurance- available for uninhabitable properties in a no fault of owner
- Rent Guarantee Insurance – good solution for renters with low credit
- Other Landlord Insurance- Typically required by lenders when you have a mortgage on rental units
If you take all necessary precautions to protect individuals that are on your property, you are less likely to be found negligent in a premise liability suit.
The next step is easy!
Call us today at (732) 649-1600 to learn how our advisors could get you the right coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.