The demand for providing reasonable care of the premises has, for the most part, fallen on the shoulders of either the owner of the property or the business residing within it. When these are not taken seriously, it often leads to a hound of personal injury attorneys ready to represent anyone who files a lawsuit. So, as a real estate owner, what can you do to better protect yourself from such a lawsuit? The following list entails some of the ways you can better prepare yourself from these liabilities.
Hold Sufficient Insurance Coverage
Whether you have a patron trip on a chipped tile or lean against a broken fence, having sufficient enough liability coverage is paramount to protecting yourself. How do you know if you have the right coverage? One of the best ways to go about choosing the right plan is to see if your insurance company covers a wide array of liabilities or simply general risk factors. No business or real estate owner wants to find out that their insurance does not cover a certain freak accident.
Inspect the Property
Common causes of premises injury include slips and falls and electrical injuries. Thus, one of the most important things a real estate owner must do is inspect the whole area of your property. Things to look out for are burnt-out lightbulbs, exposed wiring, and anything that may cause someone to trip and injure themselves. Although most of the other things on this list may cost you money, it costs nothing to be proactive and take a good look at your property.
One of the things that all multi-residential property owners must invest in is in a reliable and trustworthy security team. Consider hiring a third-party rather than your own as they are fully equipped with their own coverage and certified teams. Security offers customers and potential investors the image that your property is not only safe but that you care about their well-being.
Clean Up Standing Water
Standing water is both an eyesore on your property, but most seriously it can really cause health issues towards your customers or clients. Standing water is a literal breeding ground for mosquitoes that carry all sorts of diseases such as malaria and dengue. How does a bug make me liable? Lawsuits against companies and properties that allow these dangerous things to grow are, in fact, liable for damages. An excellent example of this can be seen in the hotel industry, where countless guests are stung by bed bugs and then turn to sue the hotel itself.
Just because an area isn’t posing a threat does not mean you are protected from being sued. A great example of these instances is swimming pools. Your property’s pool may be up to code with no chipped tiles or faulty equipment, but there is one thing that is often overlooked. Fencing around your pool, especially in multi-residential properties such as an apartment complex must be installed to ensure the safety of the children. Even leaving a fence open can make you responsible in a premises liability case.
Though preparing your residential real estate property for premises liability can seem like a huge feat, being proactive can truly save you time and money. In addition, you always want to present your property as the very best version of itself. Adhere to the list posted above, and you’ll no doubt be prepared for anything that may head your way.
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