Buildings Contents Insurance: Not an excuse to be complacent

2007-03-08 10:33:40

( Insurance )



RISKY BUSINESS

Owners of commercial buildings know very well the risks of having someone else occupy and use the structure. There are many hazards to the business of renting and leasing primarily because of liability cases.

That is why it is very important that you have commercial building insurance to cover your risks and protect you from possible legal obligations that may arise from your ownership.

Having comprehensive buildings contents insurance can save you from having to shoulder the debilitating cost of repair and replacement of building structure and contents, not to mention the legal cost of liability if someone gets hurt while inside your property.

However, it is not enough that you purchase buildings contents insurance. As an owner or landlord, you have to set down ground rules that your tenants must follow. Indeed it is very difficult to control the behavior of people especially inside their own rented space. Where do your rights as landlord end and the privacy of your tenants begin? It is delicate dance that you must perform, trying to respect the rights of your tenants while trying to protect your own.

CONTINGENCY PLAN

Buildings contents insurance is primarily a contingency measure, something that you can turn to when an unfortunate event takes place. However, keep in mind that buildings contents insurance does not prevent these unfortunate events from taking place. Do not fall into complacency just because you have extensive buildings contents insurance and neglect on your duties.

In the final analysis, having buildings contents insurance is by no means enough. You have to be able to set in place protective measures that will ensure that your tenants are safe in their rented places. You cannot afford to build and maintain a slipshod structure that will put lives in danger. After all, it is still negligence and carelessness that are the main causes of preventable accidents.


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