If you're a commercial landlord, commercial property insurance is something that you need to have. Like all insurance, it's designed to protect you. However, you may be wondering if it also covers your tenants. Here's what you should know.
What Does Commercial Property Insurance Do?
The main point of commercial property insurance is to protect your building. If your building burns down, commercial property insurance is what pays to rebuild it.
Are you the owner of a business that needs to pay for workers compensation insurance? If so, here are some tips for saving money when it comes to how much you pay.
Shop Around With Different Insurance Providers
Don't assume that there is a fixed cost with very little flexibility. It's important to know that every insurance provider is different when it comes to workers compensation, with each one having their own advantages and disadvantages.
When you own a home, it is imperative that you are keeping a valid homeowners insurance policy on it. Even if you find that things are starting to get a little tight financially, you do not want to drop this type of insurance coverage. After all, you just never know when someone could trip and fall on your porch or when lightning could strike your home or the tree next to it, causing it to fall on your roof.
While homeowners are typically required to carry homeowners insurance, the decision for tenants to purchase renters insurance is usually optional. In some cases landlords will require their tenants to purchase this type of policy, but, this is not a common lease requirement in many parts of the country. While tenants may not have a legal obligation to carry their own insurance policy, this does not mean that they should not purchase this coverage.
Contractors require insurance to cushion their enterprises against risks such as property damage and bodily harm. The contractor's liability insurance protects contractors against lawsuit charges emanating from injuries incurred during construction works. A general understanding of contractor liability insurance is paramount in deciphering its role in the business realm.
Who Is Eligible For Contractor Liability Insurance?
Primarily, a general contractor should apply for contractor liability insurance coverage. However, a distinction exists between the general contractor, subcontractors, or individuals acting as contractors in their private projects.