As a landlord you should look at your rental property as a business. Businesses must be properly insured against the potential for their actions to cause injury or damage. If a tenant or visitor suffers injury because of your property, you are likely to be held liable. So whether you rent your property directly or use a property management company you need to make sure that you have the right insurance in place.
If your tenant succumbs to any injury in your property and they make a claim for any injury they have suffered you may be liable to pay the costs. With landlords liability insurance you will be covered for claims made by your tenants against you.
As a landlord, your liabilities may be greater than you think and that’s why landlord’s liability insurance should be given serious consideration.
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The moment you rent out a property, whether it is for commercial or residential purposes, by law you will have certain liabilities with respect to it and the people using it.
There are many possible ways in which your liability could be called to account. If one of your tenants trips over a badly maintained part of the property and results in injury, they may have a legal right to claim against you as their landlord responsible for the maintenance of the property. The list of possible risks could go on almost indefinitely.
It doesn’t end with tenants. You may be equally liable for such injuries to people visiting your tenants. If your property is commercial, your risks and need for landlord’s liability insurance is even greater. If the property has members of the public using it then the possibilities of accidents increase dramatically.
If you employ any one in your property, you need to be covered under employer’s liability cover. If any of your employees are injured or falls ill while at work, they can make a claim against you if they face a financial loss.