Get liability insurance for rental property Houston, TX with the help of Texas Insurance Agency. Every business needs different types of business insurance. There is no plan that will cover everything all at once – instead, you’ll need different pieces that work together to provide your business with the most robust financial protection. Our team can show you your options for liability insurance for rental property so you can prepare for any situation.
What does liability insurance for rental property cover?
Liability insurance for rental property covers the costs of paying for injuries or damage to other people’s property that happen on your land. Usually, the following is covered:
- Personal Injury: If someone gets hurt on your business land and you’re found to be at fault, your liability insurance would pay for their medical bills and any legal fees they need if they decide to sue.
- Damage to Property: If you’re negligent and someone’s personal property is broken on your property (like a client’s laptop getting broken during a meeting at your office), your liability insurance will pay to fix or replace the broken item.
- Legal Defense: If someone sues you for harm or damage that happened on your property, your liability insurance will pay for a lawyer to defend you in court, as well as any settlements or decisions that are made.
Keep in mind that what is protected can change from insurance company to insurance company and policy to policy, so read your policy carefully every time. Texas Insurance Agency can help you assess whether a policy is the right one for you. Get a free quote today!
Liability Insurance for Rental Property Houston, TX: AKA CGL
Business General Liability (CGL) covers property owners and managers if someone gets hurt or their property is damaged on the rental property. Liability insurance for rental property is a policy that protects them. Legal fees and costs that the insured person would have to pay if they were found legally guilty are often covered by this type of insurance.
If someone slips and falls on someone else’s land and gets hurt, the owner of the property might have to pay for that person’s medical bills. If you have liability insurance, these costs are covered up to the limit of your contract.
The business property liability would also usually cover the costs if the rental property hurts a neighbor’s property, like if there is a water leak or a fire that spreads to nearby buildings. A lot of policies also cover advertising injuries that are closely related to the insured business, like slander, defamation, or copyright infringement.
It’s important to keep in mind, though, that coverage amounts and the kinds of things that are protected can be very different between insurance companies and policies. So, business landlords or property managers should carefully read the policy’s details and talk to trained insurance experts to make sure they have enough coverage.
Is It Different from Business Property Insurance?
Commercial Property Insurance, on the other hand, covers damage or loss to the building and its belongings (but not to the building itself). This insurance can cover many risks, such as fire, theft, vandalism, and some kinds of damage caused by the weather.
Why is Business Property Insurance different from CGL Insurance? The main difference is what they cover. CGL insurance protects against third-party claims and liability for injuries or property damage. Commercial Property Insurance, on the other hand, protects the business’s real assets.
Property Insurance also doesn’t care as much about who caused the loss. Its main goal is to replace or fix the damaged property, no matter who did it—the policyholder, an employee, a customer, or nature itself. This type of plan will kick in whether you own your own office or rent it. So, if you have a physical location, you’ll want this coverage to protect the business’s items, inventory, and equipment.
Both types of insurance can be very important for protecting commercial rental properties and business processes. A business can choose these policies separately or put them together to make a Business Owner’s Policy (BOP), depending on their needs and risk assessments. Ultimately, the location of the property, the type of business being run, the risks involved, and the cost of replacing the assets should all be taken into account when choosing insurance.
Tying It All Together with Umbrella Insurance
Under umbrella insurance, your regular insurance policies, like home, car, or commercial general liability insurance, will cover more than what they say they will.
The policy’s name comes from the fact that it covers more than your normal policies do. It’s like an umbrella protection. For instance, if you get a liability claim that is bigger than the limit of your business general liability policy, your umbrella insurance will pay the extra.
A lot of the time, umbrella insurance covers claims that other plans might not. In this group, it could be libel, slander, false arrest, insurance for rented homes you own, and other things. Because of this, it’s a strategy that businesses should think about because it protects them from big lawsuits or claims that could shut them down otherwise.
Again, the exact coverage that an umbrella insurance policy gives can change depending on the policy and the insurance company, so it’s important to talk to your insurance agent about your needs and risks.
Let’s Plan It Out Together
The whole point of insurance is to have it ready before anything happens. That’s why you want to get the right plan as soon as you can before the worst occurs. Texas Insurance Agency can help you assess your business assets to figure out the right amount of coverage for you. Call our office today to get started.
Our Houston office is always ready to take your call and answer your questions. We can walk you through the whole process to ensure you know everything you need to know. You can come to us to learn more about liability insurance for rental property and all of your other options.
Houston, Texas Fun Facts:
- Houston is also called Space City.
- It’s home to NASA Mission Control.
- Houston was the first word spoken on the Moon.