What Insurance Does An Electrical Contractor Need

What Insurance Does An Electrical Contractor Need?

You NEED The Right Kind of Insurance, Or You May Be Held Liable

If you are an artisan, a contractor that specializes, you may have asked yourself, "What insurance does an Electrical Contractor Need?"  You could ask this if you were looking into insurance as a plumber, HVAC, or other type of artisan.

Or, if you are a real estate investor that is looking for additional coverage for the contractors you hire, you may have also considered the question:

What Insurance Does An Electrical Contractor Need?

First and foremost, General liability is needed to protect you, even if you are the real estate investor who is contracting out employees.  It is important to remember that, if you are a real estate investor that is subcontracting work, then this automatically makes you a General Contractor.  Thus, you need the right coverage.

In addition, for specific artisans, specialized insurance, such as Electrical Contractor General Liability Insurance would offer additional coverage that General Liability would not cover completely.

Why General Liability Isn't Enough!

General liability, true to its name, is very general and thus, only gives you the basic in insurance.  This means that you are left exposed if you do not have the right coverage, or if the coverage you have has insurance gaps.

Don't be left exposed!  Let us help you find the right insurance for your needs!

Is Commercial Property Insurance Deductible? Here’s What You Need To Know!

Are You Looking To Receive A Commercial Property Insurance Deductible?

Your Agent Must Ask The Right Questions To Know Whether Or Not You Can Receive A Commercial Property Insurance Deductible

If you are a real estate investor, then you may have wondered whether or not you qualify for a commercial property insurance deductible.  To determine that, here is some information that you need to know.

What Is A Commercial Property Insurance Deductible?

Quite simply, a deductible allows insurance to become more affordable to the masses.  For example, if a property owner had to pay every loss then there is no doubt that the insurance system would begin to buckle.

In short, a deductible is the amount that you would need to pay before any type of coverage kicks in, or rather, the amount before the insurance company pays out for any type of losses sustained.  As one can imagine, deductibles can differ wildly.

How Do You Know If You Quality For A Commercial Property Insurance Deductible?

This is something that your insurance agent must determine, and in order to do that, they must ask the right questions!  Your real estate agent is going to determine the nuances of your insurance plan, any potential liabilities, and so forth, before a determination is made.  This is a part of your initial policy, so your insurance agent must ask the right questions from the start!

Ready to shop for the right insurance?  Our insurance agents are always standing at the ready!

Multifamily Housing Insurance Will Help Mitigate Risks

Do You Have Multifamily Housing Insurance?

If You Do Not Have Multifamily Housing Insurance, Then Your Investment May Be At Stake!

Do you have multifamily housing insurance?  If you do not, and you are a real estate investor that focuses specifically on this market, then your investment may be at risk!  Here's why:

What Is Multifamily Housing Insurance?

True to what it sounds like, multifamily housing insurance is strictly for multi-resident properties, such as apartments.   This type of insurance is strictly for any issues that may be associated with a multifamily property, such as damage to the property directly.

This is different than other insurance types because it is highly specialized and applies to multifamily units, and the potential problems that they may bring.

Why Do You NEED Multifamily Housing Insurance

Anything can go wrong with a multifamily property.  We have seen the following:

  • Dog Bites
  • Drug Deals
  • Hoarders
  • Destruction of the property
  • and more!

All of these can carry serious liabilities that can potentially undermine your investment.   You need the RIGHT insurance in order to protect your investment.  If any of the above should happen, your tenant could not only potentially sue, but you could run the risk of paying out considerably.

For example, in one case of a dog bite, we saw a tenant sue and win a million dollar lawsuit because the investor did not have the right kind of insurance.

Subcontractor Insurance Is A MUST If You Are Dealing With Contractors

Do You Have Subcontractor Insurance?

If You Do Not Have Subcontractor Insurance, Then You May Be Liable!

Subcontractor insurance is essential if you are doing any kind of work on your real estate investment property.  If your contractor is injured, or if a construction default happens, you do not want to find out too late that your insurance company will not pay!

That is why it is important to know what kind of insurance you need before you begin any kind of home construction project.

What Is Subcontractor Insurance?

True to what it sounds like, subcontractor insurance is specialized insurance that will address specific worker concerns, such as a construction default. It will help when it comes to artisan contractors, such as plumbers or electricians, as well as general construction projects.

Beyond this, you also want to consider workers' compensation, which will help take care of any liabilities or claims should an injury or death occur while on your real estate investment property.

Why Do You NEED Subcontractor Insurance?

Quite simply, general liability insurance will not  cover many different claims associated with home construction, such as a workers' injury or a construction default.  As a real estate investor, you want to spend time engaging in what really matters, and by having the right kind of insurance, you can save considerable time and money!

Contractor Insurance Liabilities Do Exist And Can Hurt Your Real Estate Investment!

Do You Know What Contractor Insurance Liabilities Might Exist?

Contractor Insurance Liabilities Can Completely Hinder Your Investment

Did you know that contractor insurance liabilities might exist right on your real estate investment property?  If you are doing construction work on your property, and you are working with contractors, here's what you need to know:

What Are Some Contractor Insurance Liabilities?

Essentially, any injury that a contractor faces can become contractor insurance liabilities.  There are a number of hazards associated with the construction of your real estate property, even if you do not think there are.  For example, your contractor may step on a nail and get an infection, they may fall off a ladder, or suffer some other type of injury.

If you are not properly covered, then you may be liable for any one of these!

How To Protect Yourself From Contractor Insurance Liabilities

The best way to protect yourself in the event of an accident or an injury, is to make sure that you have the right insurance. You should also know whether or not your contractor is insured or uninsured right out of the gate. If they are not insured then this is yet another way in which you may be liable!

There are also other ways to protect your investment.  For example, you should also consider getting workers' compensation, subcontractor insurance, and so forth.

Get protected today!

Claims History Of The Property Is Essential!

DO YOU KNOW THE CLAIMS HISTORY OF YOUR REAL ESTATE INVESTMENT?

CLAIMS HISTORY WILL REVEAL NEED-TO-KNOW INFORMATION ABOUT THE PROPERTY.

When it comes to real estate investments, home history is important.  The Claims History of a property will give you a window into any previous discrepancy it may have had prior to purchase.

What Does Claims History Show? 

The claims history of a property can answer the following questions a real estate investor might have:

  • Has the home been flooded?
  • Was there fire damage?
  • What about wind or hail damage?

For example, the history of the home may reveal that the house has sustained flooding damage after the most  recent hurricane.  Thus, you, as a real estate investor, can then make a more formidable investment decision.

Why Is Claims History Important?

These are all important because it can impact future liabilities.  For example, if there was past flooding on the property, will there be mold issues later on? Additionally, if there was fire damage, will this create ventilation issues? The more you know, the better prepared you can be.

Remember, you can also get a C.L.U.E report to find detailed information on the property you intend to purchase.

Commercial Investor? Shop The Best Rates For a Package Insurance Portfolio

If You Have A Large Commercial Portfolio, Then You Are Going To Need The Best Insurance Rates Possible

Package Portfolio Insurance May Be Necessary If You Have Multiple Properties

A Package insurance portfolio is an ideal choice for real estate investors.

If you are a commercial real estate investor, then it is likely that you have multiple properties in your portfolio, or are highly considering it.  After all, the more investment properties, the more revenue you can potentially generate.  However, seeking after insurance for each property can often become a time drain.   This is one way to help:

What Is a Package Insurance Portfolio?

A package portfolio essentially consolidates your insurance for each property into one single policy.  This is extremely helpful because it not only allows you to focus on what really matters - investing, but it also has additional benefits, such as larger claim amounts and the ability to pay only once a month.

What To Consider When Obtaining a Package Insurance Portfolio

First and foremost, you need to consider the best insurance company for real estate investors; not only their rates, but what kind of questions their insurance agents ask and what kind of deals they can get you.

For instance, when it comes to real property insurance, consider how big your investment portfolio is.  Do you have multiple entities?  Do you have separate policies for each property?  This matters because you can consolidate entities into one policy, which then gives you better coverage and offers a lower premium.

Your ultimate goal is to find an aggressive insurance agent that understands real property.

Finding The Best Insurance Rates When Shopping For Insurance

Learn How To Get The Lowest Insurance Rates Possible

Insurance Rates Matter! So You Need To Be Strategic When Finding the Right Insurance Company For Your Needs

Do you know how to shop for the best insurance rates?  Whether you are looking for commercial insurance (real estate insurance, construction insurance, healthcare insurance, food and beverage insurance, auto garage insurance, etc.) or personal insurance (car insurance, life insurance, health insurance, and so on) you need to be mindful of certain factors.

What Affects Insurance Rates?

There are many different things that can affect insurance rates, such as the type of industry you may be in and the kind of coverage that you are seeking. For example, if you are in the food and beverage industry, and you sell alcohol, then you may want to consider getting liquor liability.  In a general sense, your insurance rates are also affected by the type of risks associated with your individual business, such as if your real estate investment is in a high crime area.  

How Do You Get Lower Insurance Rates

First and foremost you need to consider the cost of insurance in relation to your needs.  What are you willing to pay for financial security or a viable return on investment?  When it comes to shopping for insurance, financial factors certainly come into play.  You also need to research the best insurance companies that will meet your needs while offering you key coverage for any liabilities that might occur.

Thus, you primarily get the best rates by shopping around for insurance.  You can also get lower rates through lowering any potential risks involved in your investment.  For example, if you have a real estate investment you can get updated roofs, wiring, air conditioner, and so forth.

Landlord Horror Stories, How To Prevent and Minimize Real Estate Investor Risks

Real Estate Investor Risks Can Be EXTREMELY Damaging

Real Estate Investor Risks Can Leave You EXPOSED

Here at Benchmark Insurance, we have seen a host of real estate investor risks, some of which could only be described as Landlord Horror Stories.  These are the stuff of nightmares, and not only do they put the tenant(s) at risks, but they can leave you extremely exposed and open to anything - from liability costs to fines to lawsuits.

What Kind of Real Estate Investor Risks Can There Be?

There are all kinds of real estate investor risks and subsequent landlord horror stories that are possible.  As mentioned, at Benchmark we have seen our fair share.  We have seen Marijuana grow operations and other drug related issues, such as tenants believing they can deal drugs on property or simply using illegal drugs themselves.   We have also seen cases of vandalism, issues of hoarding, and everything in between.  These issues also range in their levels of severity as well, from merely a nuisance to the landlord or other residents, to an extreme issue that can result in property damage, death, and lawsuits. There is simply no telling how extreme issues can go.  Thus, if you are a real estate investor, then you need to maintain coverage.

How To Mitigate Real Estate Investor Risks?

First and foremost, if you are a Real Estate Investor, then you need to make sure that you have the right kind of insurance.  That not only means you need to right coverage for your property type, but you must also know if you need additional liability coverage as well.  For example, a multifamily investor would need different coverage than someone that simply uses their property commercially.

Exotic Pet Liability, What Are The Risks?

WITHOUT EXOTIC PET LIABILITY INSURANCE, YOU MAY BE LEFT EXPOSED

WHAT YOU NEED TO KNOW ABOUT AN EXOTIC PET LIABILITY

Are you aware that exotic pet liability insurance can salvage any risks that you, as an investor, can have?  Exotic pets can no doubt be interesting - from tarantulas to chimpanzees and everything in between.

For Texas, the laws can be extremely complex and differ greatly for the type of exotic pet in question.  For example, an individual would need a license when it comes to bears, cougars, chimps, etc. but no license is needed when it comes to owning a wolf or monkey.

However, as a landlord, exotic pet liability can be an even further complex issue when you consider the risk.

What Is An Exotic Pet Liability Insurance?

In essence, Exotic Pet Liability Insurance simply refers to the coverage that is put into place should something happen with the exotic pet.  For example, if the exotic pet gets loose and then injures another resident, you may be at risk.  We have seen this particular instance occur with a black panther who not only got loose, and scared many residents, but actually mauled a small child.  It is not just the tenant that is then held liable, but also the landlord as well.

Do I Need Exotic Pet Liability Insurance?

Not necessarily.  It is possible that you, as a landlord, can simply ban exotic pets from your properties altogether.  This is especially a viable solution if you own a multifamily property.  However, if you do accept that your tenants will potentially have exotic pets on the premise, then you need to ensure that you look into exotic pet liability insurance to help mitigate risks.