January, 2018

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Real Estate Coverage for Inherent Risks

Orlando commercial rental property insurance

Orlando commercial rental property insurance provides coverage in the event a tenant sues claiming that the building where they work is operating under conditions that aren’t safe. This could be due to conditions that could result in injury or poses serious health risks. When you are managing a property that you own you have a duty to provide good indoor air quality for your tenants. Imagine trying to work in a building where temperatures are abnormally high or low, or nauseous gases are being inhaled.

In situations where there is limited ventilation, good indoor air quality is necessary in order for people to stay healthy and productive, and any oversight of this aspect of the facility carries serious implications for the general health of its occupants. If nothing is done to correct issues of this nature, poor indoor air quality can tend to aggravate allergies in sensitive people, as well as asthma or other respiratory problems, which in turn could lead to legal issues. Tenants deserve to work in an environment where the air they breathe is healthy.

Solutions for reducing contaminants

There are several ways to promote improved indoor air quality. Perhaps the simplest and cost-effective way to achieve this goal is to install floor mats that trap debris securely, which helps to prevent dirt and other allergens from entering the building’s ventilation systems.

A major concern for many commercial real estate investors is dealing with mold, lead poisoning, asbestos, and high levels of electromagnetic radiation, to name a few. Addressing these concerns can lead to fewer health issues, more efficient facilities, and less maintenance of ventilation systems. Taking measures to improve the air saves both time and money.

By focusing on improving indoor air quality, organizations will often reap the benefits of a more efficient workplace. This can be accomplished by simply containing germs before they enter the air conditioning system. Employee health is vital to those businesses operating in your facility, as health is positively correlated with satisfaction, productivity, and overall performance.

The loss of revenues you could experience when problems aren’t addressed could be devastating. Orlando commercial rental property insurance provides coverage when issues arise, but controlling indoor air quality will help you to reduce any risks.


Real Estate Agents Require Professional Liability Coverage

Massachusetts Insurance Agents

As a real estate agent, you are on the front lines when it comes to dealing with buyers and sellers. Your primary goal is to satisfy the needs of your client. When it comes to purchasing a home, the buyer has a right to know about any conditions that might need to be addressed. Only then can they make an informed decision as to whether to make the purchase or seek another property.

You, in turn, must provide full disclosure of any relevant facts that you are aware of pertaining to the property. By not doing so, you are opening yourself up to liability claims for misrepresentation, among other possible negligent acts. Massachusetts Insurance Agents can help you obtain real estate professional liability coverage to protect you under these circumstances.

Liability issues can also damage your reputation

A seller of the commercial property is obligated to disclose any material facts or latent defects known to the property in question. Any structural issues or problems, such as infestation, will certainly affect the value of the property. If the buyer can prove that vital information was not disclosed they might decide to litigate and name the real estate agent in their suit. Even if you were unaware of any such discrepancies your business could suffer from the negative effects of the claim.

Such claims are usually the result of a client believing that there was a breach of fiduciary duty and also negligence. The claim could state that the buyer of the property relied on the representations of the agent that the property was in good condition, only this was not the case. As a result, if they incurred repair costs driving up the cost of the house they bought, which may also include future repair costs for issues never made apparently, a judge would probably side with the plaintiff in the case.

Other issues can also sour a deal. For example, a real estate agent may not have known about the need for permits in relation to a property they are representing.
After the close of the sale, if the buyer discovers that an additional room built onto the property didn’t have proper permits required by the county, they’d be legally responsible for the reconstruction of the addition.

Real estate agents are vulnerable to negligence claims even as a result of things they have no control over. Real estate professional liability insurance from Massachusetts Insurance Agents can aid you against claims of this nature.


Three Advantages of Commercial Insurance

commercial insurance wholesalers

Running a business can often be a time-consuming and intense endeavor. From making a business plan, to staffing employees, you as a business owner are responsible for everything from the ground up. However, some business owners may forget or even refuse to do one of the most basic steps to protect your business from financial ruin: purchasing commercial insurance. This unique type of coverage is tailor-made for businesses and designed with your assets in mind. Here are three specific benefits commercial insurance wholesalers can provide to your business.

First off, commercial insurance companies can design insurance plans for your unique business, whether you need standard or specialty commercial insurance. These plans can be tweaked and modified according to your specific needs and desires, in order to best protect your business. The second advantage of commercial insurance is that it can safeguard the equipment necessary to run your business, including commercial auto insurance, motor truck cargo, property, and products liability. That way, in case of an emergency like a fire or storm, your assets are protected. Finally, commercial insurance can keep the folks working for you safe too by covering workers compensation and general liability.

By providing coverage for your unique business, your equipment, and your employees, commercial insurance wholesalers can keep your business running strong for years to come.

AIS The Concern Over Management Liability Exposures

AIS (Axis Insurance Services)

Management liability risks can certainly have a substantial financial impact, on a personal level, on your board members and senior executives, and the company as well.AIS (Axis Insurance Services) is considered a leader in management liability risk assessment and offer their expertise in putting together policies that are designed to meet the specific concerns of your organization.

This is mainly accomplished by working with the top insurance carriers to offer a number of coverages designed to address many of the liability issues related to running a company and protecting its management team. By doing so they can offer peace of mind to senior management and directors so that they can focus on the business at hand and perform their duties without fear of any personal liability issues.

Types of risk your members may face

Company leaders may in some cases need different types of insurance to protect them from all of the risks that come with participating in a role as a manager. Risks may include exposures involving governmental regulations, employment practices, and finances, as well as benefits administration and distribution, among other factors.

Because management liability insurance functions as, not just one type of insurance, but a combination of several policies, its the perfect solution to a complex issue. These policies are purchased as a package with the intention of covering those inherent risks, which are quite common in many business models.

If you run a large, publicly traded company that has acting directorial boards beholden to shareholders, there are some obvious exposures faced by that board. Decisions made by members representing the top levels are at times facing heightened scrutiny. Management liability policies will cover most of the liability concerns for those manning these leadership positions.

Another example is, that if you own a nonprofit organization, your business could also benefit from a professional liability insurance policy from AIS. Since all nonprofit organizations have a board of directors, with concerns over where money is spent and how decisions are made, and the impact that might be felt when a bad decision is brought to light, you most likely are in need of this brand of coverage.