Own a mall or strip center? READ THIS.

Too often, I've seen one individual get rich off of the misfortune of another.  I've seen countless "slip and fall" claims that were faked or could have been avoided.  In the litigious society that we live in, the only thing out advertises personal injury lawyers are alcohol commercials.  If you have a strip center or mall, DON'T be another statistic!  Get a general liability policy at the bare minimum.  Here's why.

As a general rule, the biggest exposure to loss is the injury of customers. Since there is a risk of a large number of people being severely injured (fire in stores or common areas), very high limits of insurance are recommended. The primary liability coverage is found in the commercial liability insurance policy. If a facility employs security personnel, they have a higher than usual exposure to loss from making physical contact with visitors to the facility. This exposure arises when someone is injured while the security personnel must physically remove someone from the premises for the safety for others. This can be a difficult exposure to insure. Many standard commercial leases require the tenant to secure public liability insurance and name the landlord as an additional insured. While this is a great practice, it cannot eliminate the need for the landlord to obtain his own insurance.


High limits of liability insurance are available under an umbrella liability policy.
Owners often have very valuable buildings and site improvements. The most common approach is to insure the buildings, any contents owned by the landlord and loss of rents (Business Interruption Insurance) on the commercial property insurance policy. Some insurance companies will issue a Businessowners type policy to shopping center owners.  One special area of concern to shopping center owners is the Business Interruption Insurance. The Businessowners policy limits the coverage to a 12 month period. It is likely that a shopping center will not be able to reopen within 2 months after a loss, or that the rents are reduced after a loss, so the 12 month coverage provided by the Businessowners policy may not be enough.

Call us today at 915-313-4469 to discuss your options in detail, and secure the best policy at the best price. 

www.elpasobusinessinsuranceagent.com