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.

Personal Or Commercial Insurance Shouldn’t Be SCARY!

Shopping For Personal Or Commercial Insurance?

The More You Know About Personal Or Commercial Insurance, The Less Frightening It Will Be

What scares people about shopping for personal or commercial insurance? That they don't understand it!   On average 95% of people have little to no knowledge about the many nuances pertaining to their policies, such as policy coverage or exclusions.  This can be problematic because, if one does not understand the type of insurance they need, then they may not be fully covered or find their rates higher than necessary.

Why Is Personal Or Commercial Insurance Important?

Most individuals understand what personal insurance is - for example, life insurance, auto insurance, home owner's insurance, and so forth.  However, what about commercial insurance?   If you own your own business, then you are going to need this type of insurance, no matter if you own an auto garage, are a landlord with a multifamily property, or so forth.  Commercial insurance, like personal insurance, will protect you in the event that a liability occurs.  For example, if a worker injures themselves in your auto garage or a  tenant falls down a flight of stairs - commercial insurance helps cover you!

What Don't People Understand About Insurance

Most individuals do not understand the nuances of insurance.  For example, what kind of exclusions might apply?  Exclusions are essentially that which is not covered by the policy.  What about liabilities, or the policies themselves.  There is simply a  great deal of information that goes into  insurance.  Having the right agent, one that will help alleviate any concerns and explain all of these factors, is ideal.

Why You Should Shop For Landlord Insurance Outside of Hurricane Season

OUTSIDE OF HURRICANE SEASON IS IDEAL FOR LANDLORD INSURANCE

LANDLORD INSURANCE RATES FALL OUTSIDE OF HURRICANE SEASON

If you are renting out a property at all, no matter what type of tenants you have (families, students, assisted living, section 8 housing, etc.) then you are going to need landlord insurance.  However, when shopping for any type of insurance, you may want to know what is the most ideal time period in which to get the better insurance rates and save significantly.

What Is Landlord Insurance

In short, landlord insurance is a form of insurance that applies to your property, whether it is a multifamily or a single person dwelling.  Anytime you rent out your property, then the title would apply to you.  Landlord insurance offers many different types of coverage that would be a benefit towards your real estate investment.  For example, it not only covers property damage, but it also covers payment defaults, as well as other types of liabilities.  While landlord insurance does not cover every single claim, as it would depend on the type of insurance you buy, it does offer significant protection.

Why Should You For Landlord Insurance After Hurricane Season

After hurricane season, rates are typically lower than during hurricane season.   This is simply because the looming potential damage that could possibly occur, such as with flooding or wind and hail damage, is made more readily apparent.  This works as a benefit for real estate investors, who may be looking for a new insurance plan.  This also means that if your policy expiration also falls out of hurricane season, then it would be the perfect time to shop for insurance

What is Fire legal Liability Endorsement and What Does it Cover?

business fire insurance
business fire insurance

Do you know what a Fire legal Liability Endorsement is?  How about whether or not you have a potential fire legal liability.  Here's what you need to know:

Do You Have Fire Legal Liability? 

In mere minutes, a fire can wreak havoc and cause major damage to any business. The devastating inferno could cause your property to go up in smoke, and your finances, too.

When reviewing your business insurance, don’t wrap up your documents without securing fire damage legal liability. Anyone who wants to succeed in their business should be properly insured and fire damage and liability are a very real concern for many business owners.

What Is Fire legal Liability Endorsement?

It is known as both Fire Legal Liability or Fire Damage Legal Liability. In some documents, it can be referred to as "damage to premises". Fire damage liability is typically provided as an exception to most policy exclusions for the insured property.

Why is it important to have fire insurance for business?

A fire disaster is a businesses’ worst nightmare. And yet not enough businesses take the necessary steps to guard themselves against potential damages and secure business fire insurance.

We know how hard it can be to navigate the legal system, so here are some tips for getting commercial property fire insurance for your business.

How Important is Fire Legal Liability in Property Lease Agreements?

Does liability insurance cover fire in a standard business policy? In many cases, it does not.

Don’t skip over fire liability, as it’s a key point in policies. Having this clause included can provide coverage for property damage due to a fire to the leased or rented property. It is especially key if the fire and damage were caused by someone else’s negligence.

what is fire legal liability?

What Exactly Is Covered in Fire Liability Insurance?

Fire insurance will normally cover the damages and losses directly caused by the fire. In some cases, this coverage can help to replace, repair, or reconstruct your property after a fire. The property insurance policy will have a set limit, which you will discuss and agree upon with the insurance firm.

Fire damage legal liability is usually limited to only fire losses and can only be applied to the leased or rented premises ‘occupied’ by a tenant. It does not cover any specific damage to the body of persons affected by a fire, or emotional and health problems that ensued as a result of the disaster.

Because some insurance professionals often focus more on other major coverages, the business fire insurance policy is often overlooked.

Always Read Between the Lines

Some owners wonder if liability insurance covers fires. Unless spelled out, it may not.

Before you sign any lease contracts, ensure that you are covered if damages from fires occur. If not, you may be forced to pay the damages. Unless you have additional insurance in advance, it does not matter whether the fire was caused by negligence, or by a natural disaster. You may be held responsible.

As part of your risk management strategy, you should always review lease agreements periodically. Taking a proactive approach to risk is the only way to ensure your full security, safety and prevent financial problems.

Learn more about Fire Liability and Insurance from Benchmark Brokers

 

At Benchmark Brokers, we understand the hazards and risks many businesses and their owners face. We specialize in providing insurance for all types of properties, from office buildings to apartments and commercial spaces.

You can learn more about Benchmark's commercial property insurance by visiting our website or scheduling a call. Contact us online today!

Our experienced agents understand your challenges and are committed to working with you to provide the best coverage. Our flexible pricing plans are reasonable and affordable. We always evaluate your needs and give you options for deductibles, limits, and requirements.

Contact us today to get an insurance quote from Benchmark, or ask any other questions regarding commercial property insurance in Texas.