By Shelly Campbell
A regular homeowner’s policy will not adequately cover your property or provide you with the proper liability coverage you need if you own a habitational dwelling that you rent to others. Because you don’t occupy the structure, the homeowner policy clauses covering ‘you,’ the insured, won’t apply. It is the landlord’s responsibility to protect the building against fire and other damage, as well as unattached property that belongs to you and is furnished for the tenants’ use. Your policy does not cover the property belonging to the tenants. That’s their responsibility.
By Shelly Campbell
A restaurant typically receives shipped products, prepares the food on-site, serves it in the restaurant, creates invoices, pays suppliers and employees, and cleans the establishment. They have full- and part-time employees and carry liability, property (often in the form of a Business Owners Policy or BOP) and Workers Compensation insurance. If any type of liquor or beer is served, they are required to have liquor liability insurance as well. Offering delivery would create a need for commercial auto, especially if catering is involved.
Monitoring the Pulse of the Insurance Industry.