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Owning a mall is a savvy way to ensure your long term business success. Since other store and shop owners must pay rent and related fees to have a presence in your mall, you can profit without having to carry inventory and providing a lot of services. As long as the mall is kept clean, safe and filled with shopping options for your visitors, your job is done. As the owner of the mall itself of course, you do have a lot of responsibilities and obligations. It's important to protect your company and the mall assets by carrying the right types of business insurance coverage.
General Liability Insurance For Malls
General liability is an all-around broad level of business insurance that covers many different kinds of possible risks and business hazards. It protects your company from suffering financially when customers claim to have sustained physical bodily injuries, or take legal actions against your company for accidents and perceived mistakes. General liability extends its protection automatically when you add new locations, products or services. Several of the key ways a general liability policy protect you include:
General Liability Insurance Includes:
- Premises Liability - Premises liability is the section of your general liability policy that protects you and your customers when accidents happen. Since malls tend to get a lot of visitors every day of the week, the risks of someone injuring themselves while they're there are increased. Premises liability pays for medical and recovery bills if a shopper is injured inside your mall. It also pays for repairs and replacements if a customer's personal property is damaged while on your premises as well.
- Products Liability - Products and advertising liability protect your company when problems go wrong with either products you sell directly, or advertisements you use for your mall. If, for example, your mall runs a magazine advertisement that features a photo of a family shopping, that family may sue your company if the photo was not released properly. Products and advertising liability coverage pays for your litigation expenses when lawsuits of this sort arise. It also pays for physical damages, property damages, pain and suffering, or other judgments and awards that might be granted in relation to the claims.
- Completed Operations - When you provide services to your customers, problems may arise after the services have been fully rendered. A customer may sue your company for physical injuries or other damages that they feel were caused by the services you provided. Completed operations insurance pays for the damages where applicable. It also pays for your legal defense costs.
Business Owners Insurance Policy For Malls
General liability coverage is provided automatically in a business owners policy, or BOP. A BOP provides you with direct protection for your professional assets. This insurance can include coverage for tangible assets, such as your inventory or your company's payroll. It also provides protection for intangibles such as computer software. A BOP can be tailored to provide only the specific types of protection you need for your company. For example:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance For Malls
If you have to drive vehicles for business purposes, a business auto insurance policy protects you from suffering financial loss and related problems caused by an auto accident. It pays for physical injuries and property damages when you're at fault for the accident. It can also protect you from uninsured motorist damages, and losses caused by theft and other potential risks depending upon your coverage options.
Workers Comp Insurance For Malls
In most areas of the United States, you are required by law to carry workers compensation coverage for your employees. If an employee is injured while performing his job duties, workers comp insurance will pay for the medical bills that arise.
Commercial Umbrella For Malls
Commercial umbrella insurance provides you with extra protection above and beyond the maximum limits set by your other business insurance policies.