Archive for the ‘Commercial insurance’ Category

Lessors Risk Insurance

LRO insurance

Lessors Risk Insurance

The last thing you want is for your rental property to become a financial burden; but if someone steals from your lessee, you could be financially responsible. To avoid this type of disastrous situation, it is a good idea for all landlords to obtain lessors risk or LRO insurance. This type of policy protects you from liability in case something happens to your tenant’s property.


Specific regulations may vary from state to state, but the following are some general requirements of LRO policyholders:

  • Own a property that you lease to others
  • Rent out at least 75% of the area within the building
  • Keep up with regular maintenance
  • Modernize any outdated electrical or plumbing systems
  • Fix roof or siding damage

Types of Rental Properties

Many kinds of rental properties can be covered by LRO. Here are a few of them:

  • Laundromats and dry cleaners
  • Restaurants
  • Office spaces
  • Shopping centers
  • Warehouses
  • Convenience stores


Types of loss usually covered include:

  • Theft
  • Damage by natural causes
  • Vandalism
  • Loss of tenant’s customers’ property
  • Bodily harm

According to, niche markets can experience unique situations not encountered by more traditional businesses, and some of these situations no doubt arise between landlord and tenant. You can protect your investment from your tenants’ potential misfortunes with LRO insurance.

Going Beyond Basic Coverage

Professional Liability Coverage

Operating a business is much more than just marketing to the right customers. It takes smart planning moves like having the right level of insurance for your industry. One important insurance policy you may require is called errors and omissions coverage. With this kind of policy, you can better prepare yourself in case of an expensive legal case.

What Makes This Coverage So Special?

E&O coverage extends beyond the realm of basic liability coverage like a general liability. The experts at state that general liability does not necessarily cover the kinds of risks and consequences that are involved with alleged negligence and errors. See, errors and omissions coverage comes into play when a client believes an error or negligence occurred with the services you offered. This protection is usually not offered under the terms of general liability.

What Kind of Professional Requires This Insurance?

Many different types of professionals can find this insurance beneficial. For example, healthcare professionals may find this policy beneficial in case a patient places legal action against your office for scheduling an appointment at the wrong time. Accountants, lawyers, and tax professionals would also be wise in investing in this insurance. Financial investors, planners, and even other insurance brokers frequently purchase this insurance in order to be financially ready for a potential lawsuit.

What Is Commercial Insurance And Why Do I Need It?

Commercial Insurance

Thinking about making your idea a reality and opening your own small business? More power to you! An entrepreneur’s spirit lives inside of you and you’re ready to take on the universe. While you excitedly sketch out your logo and find a lender, don’t get so caught up that you forget one of the most basic, yet most essential aspects: Commercial insurance.

What Is It?

As the name implies, commercial insurance is geared towards business owners to help them manage a company and crew.

What Does It Cover?

It all depends on how you choose to use it, but most commercial packages include things like:

  • Auto breakdown/replacement coverage for commercial vehicles
  • Cybersecurity packages
  • Worker’s compensation packages (if you manage a team)

How Can I Learn More?

A great place to start is your homeowner’s insurer. Speak to one of your agents and ask whether or not they offer commercial insurance — and if they don’t, ask who they recommend or if they do business with any affiliates. If you are left completely stumped, check out data found on to give you a running start.

You protect your car, home, and health, why would you not protect your business? Don’t let your hard work and money go to waste when you act on your exciting new endeavor.