Find
out what apartment owners insurance in California can do for you.
If you are a property manager, landlord, or
apartment owner, then you have a lot of responsibility on your plate. Not only do you need to worry about
protecting your property from damage, but you also need to protect your
employees and deal with tenant claims.
Fortunately, having the right apartment owners insurance in California
can help you address all the risks that you face. Here's what this coverage can do for you.
Apartment
Building Owners Face Many Risks
As property owners, landlords are most concerned
with securing protection against physical damage. In addition to securing coverage for damage events,
apartment owners also need to secure protection from liability claims,
lawsuits, and lost income following a covered loss. Here are some of the major risks that
apartment building owners face on a regular basis:
- Fire
- Extreme
weather event
- Natural disaster
- Liability for
tenant, employee, and third-party injuries
- Theft or
vandalism
- Loss of rental
income
- Advertising
liability
- Libel and
slander
- Discrimination
lawsuits filed by tenants or employees
- Accusations of
fraud, misrepresentation, and other intentional acts by employees
Essential
Coverage
With all these risks, there are certain insurance
coverages that apartment owners cannot afford to overlook. Some of the most essential insurance types
include the following:
- Commercial
property- This type of insurance
protects against physical damages or losses to your property. Additionally, this coverage will also protect
the equipment, furniture, supplies, and other business property that is housed
on the grounds. Commercial property
insurance can be adjusted depending on the type of building that you own
(high-rise, duplex, multi-family, etc.).
- Loss of income- If your building sustains major damage, then it
may be deemed temporarily uninhabitable.
Loss of income insurance will offer coverage to address your building's
operational costs even when you do not have rental income coming in. For instance, this insurance can help you pay
for things like employee paychecks, building utility bills, and so on.
- General
liability- Also known as landlord
insurance, this coverage protects against claims of tenant or third-party
property damage or bodily injury. This
insurance will provide coverage for repairs, medical treatment, and your legal
fees should the injured party decide to sue.
- Workers
compensation- If you have
employees helping you run and manage your apartment complex, then you need to
secure workers compensation insurance.
This type of coverage will pay for the medical treatment, lost income,
and rehabilitation of employees who are injured or become ill while on the job.
Recommended
Coverage
In addition to these essential apartment owners
insurance options, there is also a wide variety of recommended coverages as
well. Some of the most popular optional
coverages include the following:
- Equipment
breakdown
- Commercial
umbrella
- BOP
- Professional
liability
- Commercial
auto
- Cyber
liability
This is what landlords and apartment owners need to know about securing the right insurance to address all their risks. Interested in securing the right apartment owners insurance in California? If so, then contact the experts at John E. Peakes Insurance Agency. We are ready to assist you with all your commercial insurance needs today.
