There are many financial considerations that go into being a property lessor or lessee. As you embark on either process, one major consideration should be lease insurance. As you begin to look at this insurance, there are some principles to follow to help ensure all parties are financially secure and protected.
Be Prepared To Pay Upfront
It may be tempting to look for the lowest rate or the biggest discount, but always make sure you know what you’re buying. Saving money at the outset may end up costing you much more if there are problems later.
Be Friendly With Your Broker
Your broker can help you save money without cutting coverage. Lease insurance is complicated and broad, and an expert can help you ensure that you have the coverage you require without paying more for extras that you don’t need.
Understand Your Lease
Always thoroughly read and understand the lease. Whichever side of the table you’re on, understanding what coverage is being offered is key to protecting your finances, avoiding surprises and maintaining a healthy lessor-lessee relationship.
Understanding lease insurance from either the lessor or lessee perspective can initially seem complicated. Luckily, following some basics precautionary principles can help make sure that negotiations are fair and your coverage is secure.
Owning and running a business comes with a host of risks depending on your size, location and industry. Finding the right insurance policies for your business starts with understanding your insurance needs. Once you know what you need, you can start evaluating business insurance agents and brokers.
Have a list of questions prepared ahead of time to consult when searching the insurance website or during the interview. Knowing what answers you need can help you weed out those agents and brokers that won’t work for your business. Then use these questions during the interview can help you determine how well they may fit your business needs.
Determine what you expect from your insurance agent or broker before interviewing them. During the interview, ask questions and see how they deliver on their promised or agreed-upon commitments to you. Request a quote and see how well they delivered.
The insurance agent or broker should have a technical knowledge of the insurances they offer and your business’s risks. They should be able to tell you how the insurance they offer covers those risks. The right credentials can increase your ability to trust that expertise.
Sometimes finding the right insurance agents and brokers is whether they work personality wise. Some personalities can make the business agreement difficult regardless of how knowledgeable they are. As always, do your homework and trust your gut.