Risks Associated with Building Owners

As most Orlando building owners are aware, there are plenty of inherent risks involved with owning a business building. While it may prove lucrative to be the owner, there are risk factors to consider as the proprietor. In order to defend against potential legal claims and personal liability, be sure your FL Building Owners Insurance is intact. Let’s take a closer look at the common risks association with being a building landlord.

Personal Injury- Accidents in the workplace and third party injuries are an unfortunate part of owning a building. In the event an employee or anyone else is injured in your building, your insurance policy will cover damages and loss accrued from these incidents. The National Law Review states that these can include slips and falls, assault, environmentally unsafe conditions, and negligent hiring that leads to any degree of personal injury. Without an insurance policy, the owner is held financially liable for these damages.

Financial Responsibility- Faulty contractors, exposure to mold and asbestos, malfunctioning machinery, and poor workmanship can lead to potential litigation and financial damages that could fall on the building owner.

Environmental Damage- Building owners should be aware of the environmental risks they could face. If a site is contaminated upon acquisition, the new owner is likely going to be held liable for clean-up. Storing hazardous materials both above and underground can cause severe pollution and contamination of the soil and surrounding areas. What’s more, depending on the nature of the business, the building’s operations might be hazardous such as dry cleaning, car repair facilities, and gas stations. These factors can lead to unexpected financial responsibility and can create immense damages without the installation of an insurance policy.

At Newman Crane, we understand the scope of inherent risks building owner’s face. We offer customizable solutions at affordable rates to protect your property and your assets. For more information about our offerings, contact us today at (407) 859-3691.

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