Mobile Home Park Owner Insurance Policy Information
Mobile Home Park Owner Insurance. If you own a manufactured or mobile home park, then you must protect your business. With the rapid growth in this industry, you must ensure your business is covered from the different risks and liabilities you face.
Having insurance for your mobile home park business prevents you from devastating financial loss in the event of a lawsuit. In this post, we'll discuss the different types of mobile home park owner insurance you can consider getting to protect your business.
Mobile home parks or courts provide lot space for mobile home residents. Some may rent lots and hook-ups to utility services on either a long-term or an overnight basis. Others offer mobile home transport services, tie-down services, repair services, skirting services, or sales or rental of owned mobile home units.
Mobile home parks or courts can have buildings for laundry or recreation. They may have a swimming pool, retail convenience or grocery store, tennis courts, playground or other recreational facilities. Some parks occupied on a seasonal basis permit mobile homes or campers to be left on premises for storage in the off-season.
Mobile home park owner insurance protects your property from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked mobile home park owner insurance questions:
- How Much Does Mobile Home Park Owner Insurance Cost?
- Why Do Mobile Home Park Owners Need Insurance?
- What Type Of Insurance Mobile Home Parks Need?
How Much Does Mobile Home Park Owner Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small mobile home parks ranges from $57 to $89 per month based on location, size, payroll, sales and experience.
Why Do Mobile Home Park Owners Need Insurance?
Renting land to manufactured home owners, mobile homes or traditional trailers means you must have insurance almost identical to that of a landlord. The people who own homes in your park must protect their property with insurance. Your responsibility is to cover the areas that make a home park, a place for people to live in.
Finding mobile home park owner insurance at the typical insurance company might prove difficult when owning a mobile home park. Most insurance companies rather not take on the risk of insuring a home park.
Luckily some insurance companies specialize in this type of insurance. Working with an insurance company like this can help you to put together a package to sufficiently cover your mobile home park. An experienced insurance agent can help you to figure out what you need for your business to keep it protected.
What Type Of Insurance Mobile Home Parks Need?
When you own a mobile home park, there are many liability risks you face. For this very reason, you must have protection. Owning a home park means at any given time there could be lots of people on your premises which put you at an even higher risk of liability lawsuits.
If a person is injured while on your property, you could face the financial costs that come with it.
The good news is with commercial property liability insurance included in your premise liability coverage you are covered from most risks. With this coverage, you're covered from legal fees, court costs, medical treatment and other financial damage that happens because of negligence on your property.
Here are other types of mobile home park owner insurance coverages you can include in your business insurance portfolio for maximum protection:
Auto Liability Insurance: Having this coverage for your business covers the vehicles you use for business operations. If your employees use their vehicles to conduct errands for your company, then you may need to get for-hire or non-owned coverage to keep your employees safe.
If a vehicle used for your business causes damage to a third party or their property you are covered with auto liability insurance.
Employee Practices Liability Insurance: This insurance, protects you if an employee or a former employee sues your business for wrongful termination or perceived discrimination. Any costs as a result of this type of lawsuit are covered when you have this insurance.
Workers Compensation: In most states, you must have this insurance for your business if you have an non-owner employees. With this insurance you are protected if an employee is injured while on the job.
If an employee is injured and has to go to the hospital, then they will be covered if you have this insurance as a part of your business' insurance portfolio.
Keeping Your Mobile Home Park Business Property Safe
Being the owner of a home park does not make you responsible for covering the homes or the contents of the homes that rent from you. Although this is the case, there are other parts of your business you want to be sure are covered. Some of these include:
- Underground utility lines and utility pedestals
- Electrical distribution equipment
- Central office buildings and their contents
- Roads and walkways
- Appliances on property
- Homes on your property that you lease out as a part of your business
Mobile Home Park Owner's Risks & Exposures
Premises liability exposures can be high due to the number of mobile home residents and guests visiting the property. Water purity is a particular concern if the park is responsible for the water supply. To prevent slips, trips, or falls, all premises must be well maintained with floor coverings in good condition.
Security is rapidly becoming the responsibility of the owner or operator of the premises. There should be adequate interior and exterior lighting. Parking lots, sidewalks, and access roads need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and fall. If the operation owns and rents mobile homes, all units should meet life safety codes and be in compliance with codes on smoke and fire detection, fire extinguishers, and carbon monoxide detectors. If there is a community building, laundry, playground, or other amenities, they must be properly maintained and limited to tenant use only.
If the facility is located near water, such as a lake, warning signs should be posted. Personal injury losses may occur due to alleged wrongful eviction, invasion of privacy, or discrimination. Clear guidelines for tenant acceptability are important.
Property exposure consists of the rental office and other community buildings such as laundry and recreational activity buildings. Housekeeping is critical if there is a central laundry area. Washers and dryers must be properly maintained. There may be owned rental mobile homes. These must be in good condition with heating and wiring up to date. There should be a smoke/fire detector in each owned unit.
If alarms are battery-powered, there must be documented records of periodic maintenance. Since mobile homes are particularly vulnerable to windstorm loss, all owned units should be securely tied down. Items provided by the building owner, such as kitchen or laundry appliances, may be stolen by tenants or outsiders. Seasonal parks with unoccupied mobile homes and campers must have procedures to guarantee regular checks on the units.
Workers compensation exposure hazards are normally service, janitorial, or maintenance-related. Back pain, hernias, sprains, and strains from lifting and working from awkward positions are common injuries. Interaction with tenants can be difficult. Employees should be trained in dealing with difficult situations. Animals owned by tenants can bite, scratch, or kick workers. Employees connecting, disconnecting, or transporting mobile homes can be injured by falling objects, contact with electrical wiring, or in automobile accidents.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Rents are generally collected the first of the month, and there may be large amounts of cash on hand due to the high risk of accepting bad checks. Deposits should be made promptly with appropriate security provided. Receipts must be given when rent is paid, and the money received must be reconciled with the receipts given. Ordering and disbursements should be handled by separate individuals. If units are owned, locks should be rekeyed when there is a change in a tenant.
Inland marine exposure includes accounts receivables for rents due, computers and valuable papers and records for (leases, mortgages, and tenant's information). Contractors' equipment coverage may be needed for items used to maintain and repair the property. All data should be duplicated and kept off site for easy replication following a loss.
Commercial auto exposure is generally limited to hired & non-owned for employees running errands. If there are owned vehicles, such as those used for servicing, any driver must have a valid driver's license and acceptable MVR. Routine maintenance on owned vehicles should be documented. In the event the insured assists in the transport of mobile homes, special permits and licenses may be required. Any such driver must have special training and follow the criteria for this type of transport.
Commercial Insurance And Business Industry Classification
- SIC CODE: 6515 Operators of Residential Mobile Home Sites
- NAICS CODE: 531110 Lessors of Residential Buildings and Dwellings, 531311 Residential Property Managers
- Suggested ISO General Liability Code(s): 46202
- Suggested Workers Compensation Code(s): 9012, 9015
6515: Operators of Residential Mobile Home Sites
Division H: Finance, Insurance, And Real Estate | Major Group 65: Real Estate | Industry Group 651: Real Estate Operators (except Developers) And Lessor
6515 Operators of Residential Mobile Home Sites: Establishments primarily engaged in the operation of residential mobile home sites. Establishments primarily engaged in the operation of sites for overnight or transient use for travel trailers are classified in Services, Industry 7033.
- Operators of mobile home sites
Mobile Home Park Insurance - The Bottom Line
Protecting your business is important. Failing to protect your business puts you at risk. If you are the owner of a mobile home park business, then you must protect your business with the right insurance. The next step is getting in contact with an experienced insurance agent to determine the insurance needs of your business.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
Additional Resources For Commercial Property Insurance
Read up on small business commercial property insurance, including how business property insurance protects your company's building's and/or their contents from damage, destruction, theft and vandalism.
- Apartment Building
- Business Interruption
- Commercial Flood Insurance
- Commercial Property
- Condo Association
- Contractors Equipment
- Duplex Rental Property
- Electronic Data Processing Equipment
- Equipment Breakdown Protection Insurance
- Homeowners Association Insurance
- Inland Marine
- Jewelers Block
- Manufacturing And Mercantile Rental Property
- Mobile Home Park
- Non-Residential Building Operators
- Office Buildings
- Safeco Landlord Insurance
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
Rental property owners, real estate developers and property managers should keep an accurate survey of each property they own or that is in their care. This survey should include inventories of furnishings and equipment at those properties. These documents establish the extent of their insurable interest, facilitate the arrangement and placement of insurance and minimize controversy and confusion if a loss occurs.
Insurance coverage on property, general liability and professional or errors and omissions liability should be arranged and placed for every real estate and rental property risk.
The main goal of any commercial property insurance program is to protect the insured's real and business personal property. Buildings and their contents property usually represents a significant portion of its total assets, regardless of the size of the business. A commercial property program can provide the coverage you need if a loss should occur.
The ISO Commercial Property Building and Personal Property Coverage Form is an insurance industry standard that provides this needed coverage. As a result, it should always be reviewed and used as a benchmark for comparison when evaluating any commercial property coverage form.
This policy treats business personal property as more than just the contents of a building. When there is a limit of insurance on the declarations, property can be covered if inside the building or structure or within 100 feet of the building or premises and either in the open, or even in or on a vehicle.
There are many endorsements available to tailor the ISO Commercial Property Coverage Forms. Some are mandatory for all policies while others are mandatory for specific classifications and types of business. Others are optional and permit a standard form to be customized to meet a specific risk's coverage needs. Endorsements broaden, restrict, delete, modify, or add coverage.
These policies can provide the following additional coverages for small specific limits of insurance: debris removal, preservation of property, fire department service charge, pollutant clean up and removal, increased cost of construction and electronic data.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Contractors' Equipment, Fine Arts, Cyber Liability, Employment-related Practices, Automobile Liability and Physical Damage, and Stop Gap Liability.