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Preparing for commercial real estate premises liability

On Behalf of | Dec 19, 2018 | Commercial Real Estate |

When someone gets injured on a property, the owner of that piece of real estate is generally considered liable. Thousands of such premises liability cases are filed in court every year in California and throughout the rest of the country. In order for property owners to protect themselves, it’s important that they prepare for as many potential liabilities as possible. While records show that personal injury cases on commercial properties have started to go down, they still cost owners a lot of money every year.

Commercial property owners have multiple resources at their disposal to protect against liability. For example, they may hire attorneys, get third-party security or obtain unambiguous insurance coverage. While these protections can be very useful, they aren’t foolproof. Even when a third party may be responsible for someone’s injury, many victims decide to sue the property owner because they are easier to locate and are likely to have insurance.

There are many different types of insurance that offer protection from personal injury lawsuits, so it’s important to find the correct coverage. General liability coverage often leaves out important assets, making unambiguous coverage a necessity. The insurance company should have a good reputation and a record for fairly paying claims. When it comes to hiring security, owners who deal in all types of asset classes can benefit from working with a professional service.

Hiring an attorney who specializes in commercial real estate is usually in the best interests of property owners. Lawyers often form extensive networks of professionals in the industry that can provide valuable protections. If a lawsuit does come up, an attorney may be able to reach a reasonable settlement or get the suit dismissed altogether. Preparing as much as possible before an incident happens is the right strategy for keeping costs as low as possible.