Lessor’s Risk Only Insurance Plans
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What is Lessor’s Risk-Only Insurance?
Lessor’s risk-only (LRO) insurance is also called landlord’s insurance because it is designed to protect commercial property owners against lawsuits filed by tenants. It is important for anyone who rents property to be protected in this manner, but it is especially vital for those who rent commercial business space. This business insurance coverage protects you if a tenant or a tenant’s employee files a claim against you for items such as slips and falls, theft or vandalism, property damage or bodily injury and more that happen on a property you own.
At InsureOne Insurance, we offer the best business insurance packages with customized policies built around your specific needs.
Comprehensive Coverage Tailored to Landlords and Property Owners
Your LRO insurance can be tailored to meet your unique needs so you are financially protected if a tenant – or the employee of a tenant – files a liability claims lawsuit against you. But do you really need it? If you own commercial property and lease to tenants, you may consider these factors to determine if lessor’s risk only insurance is for you.
- Type of Tenant: Are your tenants and their businesses more likely to incur a liability claim? Consider the difference between a restaurant and a clothing store – slips and falls will be more likely in one, while a retail shop is less likely to cause damage to employees.
- Location of Property: Some locations are more prone to vandalism and theft, while others may be exposed to natural disasters and other risks. LRO protects you against claims arising from theft and damage on your property.
There are other considerations, such as ensuring your lease agreement and your tenant’s insurance are up to the demands of conducting business safely and the regulatory requirements of your state. Your InsureOne agent can help you decide if this insurance is necessary and how to structure it for your situation.
Coverage Highlights: What’s Protected Under Lessor’s Risk Only Insurance
LRO insurance is tailored for commercial property owners and landlords who may be sued or have claims filed against them for liability damages suffered by tenants or tenant’s employees. This includes everything from bodily injury liability to property damage liability to cybersecurity data loss. If you own or lease an office building, retail store, warehouse or any commercial property, we can help you build a policy to protect yourself financially.
Key Inclusions: Ensuring Peace of Mind for Property Owners
As a property owner or landlord, specifically one who has tenants using leased or rented space, you are open to a variety of costly lawsuits and claims. This type of landlord insurance protects you by helping pay for legal fees, settlements, judgements and damages arising from your leased out commercial property. Common claims that are protected under an LRO include:
- Accidents: Slip and fall accidents, such as may be caused by a wet floor or uneven pavement, are typically covered for your legal fees, plus reimbursement to the tenant for their bills and lost wages.
- Theft and Vandalism: Covers tenant property that falls victim to burglary or vandalism.
- Fire and Smoke: In a covered claim, you’ll receive financial help for your damage, as well as your tenant’s damage and business interruption.
- Water Damage: Whether from a busted pipe or a sewer backup, your LRO insurance will kick in to pay for damages you sustain, as well as those of your tenants.
- Weather Incidents: Damage related to storms is covered, both to your property, as well as to any damaged property belonging to your tenants.
- Data Loss: Whether from a cybersecurity attack or a loss of power that causes a tenant to lose valuable data, your LRO coverage will kick in to pay damages.
These are the basic coverages included in an lessors risk-only policy, but your policy can be customized to fit your specific needs. Many commercial business owners also include other specific coverages, such as general liability coverage, which protects you against claims filed by third parties, like patrons or clients of the businesses located in your building. Many LRO policies include commercial property insurance, which protects you against damages or loss specific to your building.
Do I Need LRO Insurance?
Anybody who owns or manages commercial rental space, such as office buildings and warehouses should consider adding LRO. This coverage protects you against liability claims by tenants and their employees for property damage and bodily injury costs.
How Does Lessor’s Risk Only Differ from General Liability Insurance?
General liability protects you against claims by the patrons of your tenants’ business, for example, a customer at a restaurant or a client who slips and falls while visiting their attorney in an office space. LRO protects you against claims by your tenants and their employees.
Safeguard Your Investment with Premium Lessor’s Risk Only Insurance from InsureOne
Your lessors risk-only policy will protect you against claims filed by tenants and their employees in your commercial space. This package includes financial help for damage repairs, medical expenses, court costs and more. With the help of your InsureOne agent, you can customize your LRO policy to include enhanced protections such as general liability and commercial property.
At InsureOne, we offer the best coverage with top-rated insurance carriers. Our coverage is affordable, but even more than that, it is comprehensive and administered with white-glove service. Come see us when you need a flexible, customized business insurance package. Get a free online quote, give us a call at (800) 836-2240 or stop by a conveniently located office.