(by Slava Darozhkin)
Fortunately, you have finally finished building your real estate, with many apartments under your name. Or better still, you have purchased these apartments soon after their construction is completed.
To reap the fruits of your investment, you should aim to lease the property or offer it for monthly rent basis. In the course of your business, you are likely to face challenges regarding lawsuits or legal claims from the people who interact with your apartments. Even worse you might fall victim to unfortunate events such as fire, explosion, burglary, vandalism, or even through severe weather conditions.
To stay on top of your game and see your investment grow, you need to cater for such risks. You wouldn’t want to lose your apartments due to fire or damages after the first year of operation or ever would you? It is therefore essential to insure against such uncertainties.
What BOP Coverage Does for You
The business owner policy (BOP) is a package that allows you to cover against such uncertainties collectively through a single bundle.
Your apartments to you are a business, an investment that you ought to protect. It is advantageous to you because it is cheaper to cover the risks collectively than to cover the individual risks with individual covers. Typically, by catering for all these risks, it protects you from business interruptions.
The benefits of using BOP coverage for your apartments can be summed up into three broad categories:
First BOP acts as liability protection against legal liabilities. Your apartments can attract lawsuits if, for instance, they cause injury to the occupants as a result of negligence. BOP comes in to spare you the misery by catering for the cost.
Secondly as established earlier, the coverage prevents business disruptions. If for instance, your apartments catch fire, the insurance will cover you from revenue losses within the period.
Lastly, the BOP offers property insurance for the entire building.
This type of insurance is beneficial to you as an apartment owner because it not only protects your highly prized investment but also ensures a continuous stream of revenue in case an unfortunate incident occurs. Additionally, it spares you the hustle and bustle of legal liabilities through claims. It allows you a piece of mind by allowing you to grow your investment. Its collective feature enables you to capture all possible risks that may impact the apartments negatively at a considerable low premium.
Contact us today for more information about our BOP policies.