When you choose an insurance policy for your commercial property, a number of factors need to be taken into consideration. Among the most important factors to consider is – of course – what is covered by the insurance policy. Along with the basics, there are thre

e specific areas that your policy should address, but which most insurance policies unfortunately do not. Those areas are lead paint liability, tenant discrimination, and crime coverage.

Lead Paint Liability

In the worst-case scenario, a building owner recently lost his 35-unit multifamily apartment building in the Bronx. How did this happen? One of his tenants filed a lead contamination lawsuit against him. Any building constructed prior to 1978 has been exposed to lead poisoning contained within the paint. The Environmental Protection Agency (EPA) recently tightened the allowable amount of lead that can be contained within children’s bloodstreams. This has resulted in a significant increase in the number of lawsuits brought against landlords for lead poisoning. To make matters even worse, there are only a handful of insurance companies that will actually cover lead liability. This makes it even more important to ensure that your policy includes lead liability insurance coverage. Evergreen Insurance offers policies which include lead liability insurance.

Tenant Discrimination

It’s important to be aware that housing discrimination suits could arise from any Fair Housing Act violation. This can include discrimination on the basis of religion, race, sex, national origin, age, familial status, sexual preference, or disability. The minimum fine for such a violation is $11,000 for the first offense. Each additional offense can be $55,000! Suits may be brought not only by tenants but also former tenants, guests of tenants, prospective tenants, and even groups that represent tenants. Recently, the number of lawsuits brought against property owners has increased. Even if such a lawsuit is groundless, the costs associated with such allegations can be significant. Make certain that your insurance policy includes tenant discrimination liability. Learn more at https://trustevergreen.com/.

Crime Coverage

Crime coverage is also important for any property management company. Sometimes referred to as commercial theft insurance, this type of coverage will protect your business against loss of money that results from crime. This type of insurance can also be customized to suit the specific needs of your business. In the case of a property management company, crime coverage is important in the event that an employee embezzles or uses forgery or some other means to bilk the company of money. Such coverage is often used to cover forgery or alteration, robbery and burglary, and computer fraud. This type of coverage is not available from all insurance companies, so it’s important to make sure that it’s included in your policy. You should also verify the amount of the liability coverage.

By ensuring that all of your needs are covered in your insurance policy, even those areas where many companies don’t provide coverage, you’ll be able to make certain that your business is sufficiently protected. Evergreen Insurance provides a number of coverages not offered by many insurance providers. Contact one of our representatives today to learn more about our available insurance products.