HOPPING CENTER INSURANCE
Shopping centers can be busy, popular places for people to visit daily. As the owner of a shopping center, you must balance keeping your store areas occupied and your renters happy, with keeping your business profitable and your shopping customers safe. It takes time and a lot of effort to create a successful shopping center. Don’t risk all of your hard work by neglecting to carry the right business insurance.
Shopping Center General Liability
General liability coverage protects you from financial losses if a customer is injured or harmed. This business insurance provides a broad level of coverage so that you’re protected from most potential hazards and risks as long as they’re not specifically excluded on your liability policy. General liability will grow with your shopping center, so as you add new customers, new shopping areas or new services, this insurance will protect them automatically from the start.
General Liability Insurance Includes:
- Premises Liability – Premises liability is important for a bustling shopping area. As people walk around your property, going in and out of stores and enjoying themselves, they can have accidents that cause injuries. Accidents can also occur that cause property damages. If a runaway shopping cart puts a dent in a customer’s car for example, your premises liability coverage can pay for the repairs they’ll need.
- Products Liability – Whether your shopping center sells products directly or simply advertises products and the shopping center itself, you are at risk of getting sued when problems arise. If defective products cause a customer to become ill or physically harmed, products liability can pay for their medical care costs. If there are mistakes in your advertising or someone claims you have defamated them in your ads, this part of your general liability coverage can pay for your legal defense costs and pay settlements or judgments.
- Completed Operations – This part of your general liability insurance protects you from lawsuits that might arise after you have provided services to a customer. When the customer feels that the operations you completed caused them physical harm or damaged their property, your completed operations insurance can pay for their injuries or damages. It can also pay for your legal defense fees if needed.
Shopping Center Business Owners Policy
General liability insurance is included in another type of coverage known as a business owners policy, or BOP. A BOP is an excellent form of business insurance for shopping centers, because it prevents you from suffering severe financial hardship when your physical or intangible assets are damaged or destroyed. If your shopping center roof receive damage in a wind storm for example, and you have buildings and contents coverage, the BOP will pay for repairs. This insurance can be tailored based on your specific needs. Options include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Shopping Center Business Auto
Business auto insurance pays the bills when you or an employee is involved in a work-related auto accident. This coverage pays for physical injuries caused in the accident and property damages. It can also protect you from losses caused by other events such as theft or fire.
Workers Comp Insurance
Workers comp insurance protects your employees. If one of them is injured while performing their job duties, this insurance will pay for their medical treatment costs.
Commercial Umbrella
Umbrella insurance is extra protection against really big or severe accidents. If your other business insurance policies reach their maximum benefit levels, this one can provide extra coverage.