Owning commercial property can be a rewarding venture, but it also comes with inherent risks. As a landlord, it’s essential to protect your investment from potential liability claims, property damage, and unexpected events. Lessors Risk Insurance (LRO) provides the protection you need to confidently lease out your commercial property.
At River City Insurance Agency, Inc, we know how important it is to protect your investment in Prior Lake, MN. Let’s look at how Lessors Risk Insurance works and why it’s essential for commercial property owners.
Lessors Risk Insurance, also known as LRO insurance, is a specialized policy designed for landlords who rent out commercial properties. This coverage protects both the physical structure of the property and offers liability protection if someone is injured on your premises.
This type of insurance ensures you won’t be held financially liable for accidents, lawsuits, or damage to the property. The cost of LRO insurance depends on factors like property size, location, and tenant type in Prior Lake, MN. For more information, contact us at 952-646-9222.
Lessors Risk Insurance helps cover various claims that might arise when leasing out commercial property. Some common claims include:
If a fire or smoke damages your building, LRO insurance helps cover the cost of repairs or rebuilding.
In the event of vandalism, such as broken windows or graffiti, your policy covers the repair costs.
If someone is injured on your property, your policy covers legal fees and settlements related to the claim.
Imagine you lease out a busy retail location in Prior Lake, MN, and a customer slips and falls, leading to a lawsuit against you as the property owner. Without Lessors Risk Insurance, you could be responsible for the legal fees and any settlement costs.
An LRO policy covers these liabilities, ensuring you aren’t left with burdensome expenses. For more details or to customize your policy, give us a call at 952-646-9222.
| Type of Coverage | Details |
|---|---|
| Property Damage | Covers the cost of repairing or replacing damaged property due to fire, theft, or natural disasters. |
| Legal Liability | Provides coverage for lawsuits related to accidents on your property. |
| Loss of Rental Income | Offers financial support if you lose rental income due to property damage. |
Whether you’re leasing an office building or a retail space in Prior Lake, MN, having the right insurance coverage is critical. Contact River City Insurance Agency, Inc today at 952-646-9222 for a customized Lessors Risk Insurance quote. Ready to start? Fill out our online quote form now!