Comprehensive General Liability Insurance For Contractors, What You Need To Know

Are You Look For Comprehensive General Liability Insurance For Contractors?

Here's What You Need To Know About Comprehensive General Liability Insurance For Contractors

Are you a real estate investor that is looking for Comprehensive General Liability Insurance For Contractors?  Or, perhaps you are a contractor yourself, whether an artisan or general contractor.  In either of these cases, here's what you need to know:

What Is Comprehensive General Liability Insurance For Contractors

In essence, general liability covers potential lawsuits that could arise from injury, whether for the contractor who suffers some type of injury or potentially an issue stemming from the use of the tools themselves.  Comprehensive then, would refer to the needs beyond that, such as workers compensation if a worker gets injured while on the job.

Essentially, it allows you to determine all aspects of coverage, from injuries to construction defaults, and beyond.

Why Do You Need Comprehensive General Liability Insurance For Contractors

In short, general insurance alone is never enough to cover everything that could potentially go wrong.  For example, suppose a construction default happens on the property, which essentially refers to work not being completed or not being completed on time.  Who might be liable in these instances.

No matter what, you prefer it to not be you or your crew.  Or, if you a real estate investor, the last thing  you want to worry about is a lawsuit because of someone else not fulfilling their due diligence.

Got insurance questions?  Maybe on insurance pricing? We can answer them!  Get the right insurance for your needs! 

Commercial Property Cost Per Square Foot And How It Relates To Insurance

Do You Know Your Commercial Property Cost Per Square Foot?

Knowing Your Commercial Property Cost Per Square Foot Can Help Determine What Insurance Rates You Get!

Do you know your commercial property cost per square foot?  The reason why this is important is because it allows one to have a better understanding of the potential insurance rates that can be expected, and as a real estate investor, you want to make the most strategic moves for your investment.

What Is Your Commercial Property Cost Per Square Foot?

To find this number, you would divide the total number of the overall square footage by the price being asked.  Or, the overall price of the home.  Thus, for example, a commercial property that sells for $100,000 would be divided by 2,000 square foot which would then be $50 per square foot.

This gives you the specific price on your property investment, and as a real estate investor you want to know exactly what your commercial property is worth.  This could then help you understand how feasible it is to flip, or to simply use it commercially.

Why Do You Need To Know Your Commercial Property Cost Per Square Foot

As mentioned, the cost of your property is one, of many items, that will help you determine what kind of insurance rates you get.  For example, if you live in Harris county then you should expect specific interest rates as opposed to if you lived in another county.

Knowing what interest rates you should receive can greatly work to allow you to determine key investment strategies for the long run.

Houston Multifamily Insurance Liabilities: Slips, Falls, And Bedbugs

If You're A Multifamily Real Estate Investor Then You Need To Be Aware Of Houston Multifamily Insurance Liabilities

Houston Multifamily Insurance Liabilities Can Include Bed Bugs, As Well As Slips And Falls

Houston Multifamily Insurance Liabilities can seriously impact your real estate investment.  Not only can they create a potential problem with the reputation of a multifamily property, making it harder to fill up capacity, but it can also lead to potential lawsuits as well.

Here's the ones you need to be aware of:

Houston Multifamily Insurance Liabilities:  Bed Bugs

Bed bugs can be an extremely problematic occurrence, as they are not only hard to treat once they make their presence known, but they can also be a major liability.  This can be especially true if the tenant claims that the bedbugs are a result of negligence by the property itself, such as failing to conduct routine insect sprays.

The primary goal for any real estate investor is to minimize risks as much as possible.  Thus, it is important for you to not only have the property sprayed regularly, but it is also necessary to keep all documentation to showcase the fact that you did your due diligence.

Houston Multifamily Insurance Liabilities: Slips and Falls

Another important liability to keep track of is slips and falls, which can occur because of a wet surface, stairs, and any number of hazards.  These can become major liabilities and can potentially lead to lawsuits, should the tenant become injured as a result.

The primary way to circumnavigate the potential for slips and falls is to ensure that the property is properly maintained and that signage is always posted, alerting tenants of any potential hazard.

If You Do Not Have Assault And Battery Insurance, You May Suffer A HUGE Claim

Do You Have Assault And Battery Insurance Coverage?

If You Do Not Have Assault And Battery Insurance Coverage, Then You May Be Liable

When a multifamily insurance claim occurs, it can be extremely detrimental to your real estate investment,  why is why you NEED Assault And Battery Insurance Coverage.  Not only can it cause insurance rates to go up, but it can also result in lawsuits; both of which can cost you time and money.   Among those with the most impact are those associated with assault and battery.

What Does Assault And Battery Insurance Coverage Include

An assault and battery can include a shooting, a stabbing, a robbery, and any other violent act; whether between tenants or a visitor to the multifamily property.   As mentioned, this can result in higher insurance rates, legal liabilities, or an outright lawsuit.   While these are often based on the circumstances surrounding the assault and battery; they can still lead to a very serious multifamily insurance claim.  In turn, your multifamily real estate investment is at serious risk.

Getting The Most Out Of Your Assault And Battery Insurance Coverage

Unfortunately, shootings, stabbings, and other violent acts sometimes do occur on a multifamily property even with prevention measures in place.  However, the key is to not only ensure you have the best insurance possible, should a multifamily insurance claim need to be placed, but also to minimize risks through specific efforts.  This can include installing security cameras, having security gates, and so forth.

The goal is to protect your real estate investment as best as possible.