The liability portion of apartment building insurance is often misunderstood. The risks property owners face today are more numerous than ever, and good liability insurance is essential. Consider the following as you build your policy.
- Premises Liability – Any accident or injury to someone on your property can result in a lawsuit. In an apartment building it could be tenants, visitors, employees or even passersby. You could be faced with paying hospital bills, or you could be sued for negligence. Court costs can also add up quickly, so protection in this area is important.
- Cybercrime and Data Liability – A relatively new concern for property owners is the vulnerability of computer systems containing personal information. You may feel like a small fish in a big pond, but hackers can and will find your system. If a data breach occurs, you may need to fund damage payouts to tenants or data recovery.
- Employee Liability – You may be an excellent boss, but anyone who has ever worked for you can file a lawsuit against you for harassment, wrongful layoffs, discrimination or any number of other reasons. Even if you are innocent, dealing with these claims can be expensive if you aren’t covered.
Don’t Get Blindsided
No one wants to have to interrupt their life and business to deal with the headaches of legal action. Talk to a respected insurance professional about setting up your apartment building insurance to protect you from every type of lawsuit.