Property owners often contract with property management firms to provide various services such as seeking tenants, collecting rents, maintaining premises, providing financial services and optionally, providing primary insurance.
The Commercial Line
With advancements in technology and uncertainty surrounding the economy and workforce, there are significant changes to the way businesses are looking to occupy and utilize office space.
Property owners incur billions of dollars in losses each year in water damage claims. Water damage can affect many physical, operational and financial aspects of your property. Beyond the obvious damage to the building’s structure and electrical/HVAC systems, a water-related incident can impact your tenants’ operations as well.
Learn more about Westfield’s propriety line of commercial solutions for construction, distribution, hospitality, health & human services, real estate and more.
The role of professional property management has evolved over time. In its early form, responsibilities included finding tenants, collecting rents, paying utilities, charging a fee and remitting the remainder to the owner. Modern day professional property managers, however, have a more demanding agenda.
According to AM Best, the line of insurance at highest risk for loss to a real estate owner is liability. As a landlord, you do not have total control over the condition of a tenant’s premises or how they operate their business. This exposes you to potential risk of property damage or liability from exposures presented by the tenant. Risk transfer is one helpful solution.
Commercial real estate can be a life changing investment. But with great responsibility, also comes great risk. That’s why cautious and smart investors do their homework first, exploring and understanding their options for real estate insurance to protect themselves and their assets in the event of an accident.