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Understanding Coverage for Apartment Owners
Apartment buildings are a unique business with many different business advantages and risks. As the owner of an apartment building, you are responsible for several families and their belongings. This responsibility is in addition to your general business responsibilities.
Small business insurance coverage is a way to help ease your burdens and protect your business assets. It helps by protecting your business and the families under your roof from harm, or losses caused when disaster strikes.
General liability insurance is a comprehensive policy that helps small businesses like yours cope with unexpected events. For example, general liability will pay for damages if a customer is injured at your apartment complex pool or gym. General liability covers losses to your rental families if their property is damaged when your employees enter the premises to make repairs or perform inspections.
If a rental customer becomes ill due to fumes caused by new paint or furnishings you supply, general liability can protect you from the associated expenses and medical care as well.
Business Owners Policy (bop)
A business owners policy (BOP) includes comprehensive general liability in addition to protecting your physical and intangible business assets.
A BOP will cover the cost of replacing the roof of your apartment building if it is damaged in a storm (if you have a building coverage). If an electrical surge destroys the appliances inside your apartment units, BOP will cover the cost of replacing those appliances that belog to you.
Business owners insurance also protects you from the loss of valuable papers such as your apartment lease agreements. If you have critical business data in electronic form and it is ruined due to a computer virus, BOP will cover the cost of repairing, recovering and replacement as needed.
Many apartment building owners use automobiles as part of their day-to-day business activities. Whether your apartment provides a shuttle service to its residences, or your employees must drive to pick up equipment for the complex, commercial auto insurance covers your vehicles in the event there is an auto accident. Your business auto insurance can cover medical expenses and care for your drivers and other people who are involved in the accident. It can also cover incidental losses from theft or vandalism if you choose.
By law, you are required to carry workers comp insurance for all of the employees in your apartment building. Workers comp protects the employees from financial hardship due to accidents on the job and it protects your company from costly lawsuits. Workers comp will pay for medical care and related expenses if your employees are injured while working. If they are made ill from work-specific conditions, workers comp insurance will cover those expenses as well.
A surety bond guarantees that you will provide a service. As an apartment building owner, you may utilize surety bonds to guarantee that your rental customers receive a certain level of maintenance services. If you enter into contracts with your customers, such as when you require them to sign a lease, a surety bond can act as a guarantee to them that you will uphold your end of the agreement.
Visit our offices today to discuss additional customizations to small business insurance policies that your apartment building needs.