As a landlord, you want to make sure that not only your tenants are safe but that you’re protected as well. If this is your first time searching for apartment building insurance, here are the top three coverages that you should plan to include in your policy.
General Liability Insurance
General liability serves as the foundational coverage for just about all business insurance policies. It protects you against lawsuits from tenants or visitors claiming that they sustained an injury or property damage on your premises. Your policy would cover any legal fees as well as any damages for which you’re found liable.
What would be an insurance policy for an apartment building without property insurance? Whether it’s from mother nature or your tenants, your property is always at risk of being damaged. According to the insurance experts at Byrnes Agency Insurance, if your property is vandalized, damaged as part of a storm or due to a fire, your policy would cover the costs to repair or replace the covered items.
Workers’ Compensation Insurance
Aside from your tenants, maybe the most important aspect of your policy is protecting the people that keep up its appearance. From your receptionist to your maintenance men, you need to have the right insurance coverage to cover their medical bills in case they become ill or injured while performing job-related activities.
With these three coverages, you’ll be on your way to protecting yourself, tenants, property and employees. Work with an experienced agent to build out a policy that’s right for your needs.