Running an apartment building comes with many risks to the property manager. Using a company like US Risks Insurance to cover your liabilities can help you manage your risk. Here are some common risks.
Tenant discrimination still happens unfortunately. Despite your best efforts or intentions, the tenant may file a claim stating they were discriminated against.
An apartment complex requires several employees to run efficiently. There are people to run the office, maintain the grounds and handle maintenance requests. An employee who feels unfairly treated or fired without grounds can sue your business.
Disasters happen causing destruction and loss of income. When a loss is covered, business income insurance helps cover those extra expenses and loss of rent the property experiences.
Adding a new building to your apartment complex can increase your rental income but the construction phase comes with its own risks. A builders risk policy covers mistakes the contractors may make.
If the apartment complex has a board of directors, directors and officers liability helps cover mistakes the board makes. Common mistakes include discrimination and fiduciary duty breaches.
Protect the risks associated with running an apartment building by addressing these concerns with US Risks Insurance. The policies help protect the financial assets of the business and handle the claims process.