The homeowners policy is designed to cover landlord occupied residential buildings, landlord owned personal property, loss of rents (after a fire or other covered cause of loss), premises liability and medical payments.
Landlords who have multiple 1-4 family dwellings can find similar coverage in the dwelling insurance program.
However, the dwelling insurance program will work only with properties that have four or fewer rental units.
For landlords with residential property containing five or more to 60 units, the Businessowners policy is usually appropriate for insuring buildings, landlord personal property, loss of rents (after a fire or other covered cause of loss), premises liability and medical payments.
Most Bed and Breakfasts do not qualify for coverage either in the homeowners or dwelling insurance program. Bed and Breakfasts will require a combination of tenants coverage for the resident owner/manager, and a Businessowners policy to cover buildings, landlord owned personal property in boarder's rooms, loss of business income (rents and fees) and the extra expense to operate (after a fire or other covered cause of loss), premises liability and medical payments.
For landlords who have office or retail tenants, the Businessowners policy provides broad coverages for buildings, landlord personal property, loss of rents (after a fire or other covered cause of loss), premises liability and medical payments.
Workers compensation is necessary for any employee. Talk with your agent. Most states require workers compensation for resident managers even if you provide only free lodging as payment. Make sure you have certificates of insurance for any subcontractors (painters, plumbers etc.) you hire to do work for you. If the subcontractor has no insurance, you may be responsible for the subcontractor's workers compensation related injuries.
Most personal automobile insurance will insure cars, vans, and pickups used in business - business use, artisan use. Larger trucks, backhoes and other contractors' equipment will need separate coverage. Some contractor equipment can be covered by the Businessowners policy, some by an auto policy. Ask your agent how best to insure your equipment.
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