Managing commercial property can be rewarding, but it also comes with a unique set of risks. As a landlord, it’s crucial to safeguard your investment from potential liability claims, property damage, and other unexpected events. This is where Lessors Risk Insurance (LRO) steps in, providing the coverage you need to lease out your commercial property confidently.
Here at Benfield Insurance Agency, we understand that protecting your investment in Durham, NC is essential. Let’s explore how Lessors Risk Insurance works and why it’s a must-have for any commercial property owner.
Lessors Risk Insurance, or LRO, is a specialized type of insurance designed for landlords who rent out commercial properties. It provides coverage for both the structure of the building and liability claims that could arise if someone is injured on your property.
This policy ensures that you’re not held financially responsible for accidents, lawsuits, or damage to the property. Costs for LRO insurance vary depending on factors such as property location, size, and tenant type in Durham, NC. If you want to know more, contact us at 828-632-6505.
Lessors Risk Insurance helps you handle various claims that could arise from leasing out your commercial property. Some common claims include:
If a fire or smoke causes damage to your building, LRO insurance can help cover repair or rebuilding costs.
Should vandalism occur on your property, such as broken windows or graffiti, your policy covers repair expenses.
If someone is injured on your property, your policy covers legal fees and settlements associated with the claim.
Let’s imagine you’re leasing a busy retail store in Durham, NC. A customer slips and falls, leading to a lawsuit against you, the property owner. Without Lessors Risk Insurance, you might be financially responsible for legal fees and any settlements.
An LRO policy covers these types of liabilities, ensuring you aren’t burdened by high costs. Want more information? Call us at 828-632-6505 to customize your coverage.
| Type of Coverage | Details |
|---|---|
| Property Damage | Provides coverage for repairing or replacing damaged property due to fire, theft, or natural disasters. |
| Legal Liability | Covers lawsuits related to accidents that happen on your property. |
| Loss of Rental Income | Offers financial support if rental income is lost due to property damage. |
Whether you’re leasing an office building or a retail space in Durham, NC, having the right insurance is critical. Call Benfield Insurance Agency today at 828-632-6505 for a customized Lessors Risk Insurance quote. Ready to get started? Fill out our online quote request form today!