Commercial Insurance for Malls

Owning a shopping center, mall or multiplex is not only an investment but also a huge responsibility and obligation. Your renter relies on you for a safe and reliable place to do business so it is the mall owner’s duty to make sure you are protected with a proper coverage for your mall.

Fire and water damage are some of the potential concerns on top of the list. The owner is also responsible for maintaining the parking lot or taking care of common areas so your tenants’ businesses can prosper. Understanding these risks and planning an appropriate coverage for the mall is vital for the feasibility of your business.

General Liability Insurance For Malls

General liability is an over-all broad level of business insurance covering various kinds of possible risks and business perils. It safeguards your company from suffering monetarily when customers claim to have physical injuries or take legal actions against the company in case of accidents or apparent mistakes. General liability expands its protection when you happen to add new locations, goods or services.

General Liability Insurance Includes:

• Premises Liability

 Premises liability protects you and your customers in case of accidents. Since there are many footfalls in malls, the risks of someone getting injured are also higher. This liability compensates for medical and recovery bills when a shopper is injured inside your mall. It also covers for repairs and replacements if a client’s personal property is damaged.

• Products Liability

 Products liability includes protection for issues with products or advertising. For example, any claims made in advertisement are not fulfilled consumer can sue you. This liability insurance pays for your legal action expenses when lawsuits of this sort occur. It also pays for damages pain and suffering that might occur in relation to these claims.

• Completed Operations
 
When you promise of providing services after sales to your customers, problems may arise after the services are rendered. A customer can sue your company for physical injuries or other damages that they claim were caused by the services you provided. This Insurance also pays for your litigation expenses.

• Business Income Coverage

 Business Income for malls is the rent by the shop owners. Business income coverage is a coverage that helps when your business is affected. If there was damage in shops of mall caused by natural disaster it may take ample time for the completion of repairs. Customers or clients are not able to get business and hence unable to pay rent. A business income insurance provides you with the protection against the loss of rental income.
 
• Umbrella Insurance
 
Business insurance policies can cover a large amount of unexpected events that can occur, but all these policies have an upper limit of the amount that they cover under a claim. Umbrella insurance is a way to increase your liability limits for all of your risks under one policy. Umbrella insurance will guard your business for claims that go over the policy limits of your standard insurance policies.
 
• Outdoor Sign Insurance
 
The signage of each shop or business office in the mall has the potential for getting damaged. This can be through wreckage, attempt of theft or from natural calamity or even strong winds. The signage board is possibly may not be covered by any other type of insurance.
 
The commercial insurance policies in Vancouver go deeper in covering different risks you and your tenants are hold to. As you may not be able to prevent these events but you can offer financial protection for them. It is always advisable to customize your insurance as per your requirements.