Tennessee Shopping Center And Strip Mall Insurance. A shopping center is a building or group of buildings with parking facilities in which space is rented to stores, professional offices, services, and eating establishments. The center can have as few as five tenants or may be a large mall with hundreds of tenants.
While the lease agreement spells out who is liable for losses, the shopping center is generally responsible for common areas, including parking lots, sidewalks and all maintenance; tenants are responsible for the specific unit that they lease. Vacancies can indicate a financial problem.
Being the owner of a shopping center or a mall can be an excellent investment. Consumers are always looking to purchase products, and businesses are always looking for spaces where they can easily supply their consumers with the products that they seek.
However, owning a shopping center or a TN strip mall is more than just an investment; it's also a responsibility. Your tenants rely on you to provide them with a safe space where they can conduct their business, and shoppers count on you to offer them a safe and secure space where they can buy the items they want and need.
Shopping centers lease space to retail and service tenants. The leases can be offered on a short-term basis or extend through a number of years. Shopping centers can be of the strip mall type with as few as five tenants or may be large mall-type mega centers.
There are certain risks that come along with the responsibility of owning a shopping center or mall. Damaged property, fires, injuries; these are just some of the risks that you face. Shoppers and tenants alike could file lawsuits against you, which could result in serious financial distress. Plus, legal action could put your reputation at risk, which will only cause further financial hardship.
How can you protect yourself from the risks that are associated with owning a mall or shopping center? - By making sure that you have the right Tennessee shopping center and strip mall insurance coverage.
Tennessee shopping center and strip mall insurance protects your property from damage & lawsuits with rates as low as $77/mo. Get a fast quote and your certificate of insurance now.
Though there are several types of insurance policies that a TN shopping center or mall owner should carry, the most important is commercial general liability. Tennessee shopping center and strip mall insurance coverage will protect your business from any financial losses that are related to injuries, property damage, and various other risks. Generally, a commercial general liability insurance policy offers the following types of coverage:
Property exposure is moderate as occupancy generally includes one or more fast food or restaurant occupants. A complete list of tenants is necessary to accurately determine exposures. Ignition sources include electrical wiring, heating, and air conditioning systems. If there are restaurants, grease and oil from any deep-fat frying operations could cause a fire that affects other tenants or the entire building. The building owner must be aware of the electrical demands of tenants and supply them according to code. Conversions and upgrades should be handled with appropriate permits.
Each unit may have a separate heating system, or there may be a boiler to provide heat to all units. All systems must be properly maintained on an ongoing basis. While some tenant turnover is expected, a high percentage of vacancies can indicate a financial problem. Other property concerns are the age, condition, and repair of the building, the size, and configuration of the building including the roof expansion, and the condition and structure of the roof.
If the building has any unique architecture or design, valuation may be a concern. Because of their size and the number of customers on premises, large shopping centers may be targeted for terrorism. Appropriate security should be provided. Business income exposure could be high as tenants may be unable to access the building and backup facilities may not be available.
Premises liability exposure is very high due to the number of visitors to the premises. Special events may pose additional concerns due to crowds. The owner may be responsible for maintaining the building, parking lots, and sidewalks, or they may transfer these responsibilities by contract to a primary tenant. Tenants are normally responsible for the condition of the area that they control.
To prevent slips, trips, and falls, all premises must be well maintained with aisle ways free of debris, flooring in good condition, no frayed or worn spots on carpet, and no cracks or holes in flooring. The number of exits must be sufficient and well marked, with backup lighting in case of power failure. Steps should have handrails, be well-lighted, marked, and in good repair. Parking lots, parking garages, and sidewalks need to be in good repair, with snow and ice removed, and generally level and free of exposure to slip and fall. If the owner is responsible for maintenance, there should be an activity log to document the owner's response to tenants' needs.
Security of visitors through the shopping center, including the parking lot, is a responsibility of the owner or operator of the premises. There should be frequent security patrols. Should an emergency situation arise, there should be evacuation plans in place to quickly move tenants and visitors to a safe area. Personal injury losses may occur due to alleged false arrest, wrongful eviction, invasion of privacy, or discrimination.
Contractual relationships should be reviewed, and certificates of insurance obtained from tenants, vendors, and subcontractors. Additional insured status should be considered. If security personnel are employed, procedures must be established as to appropriate response to their assigned duties. Additional exposure is presented if the security personnel carry firearms.
Workers compensation exposure is normally service, janitorial, or maintenance-related. Back injuries, hernias, sprains, and strains from lifting and working from awkward positions are common. Skin and lung irritation can result from working with cleaning chemicals and paint.
Interaction with visitors can be difficult. Employees should be trained in dealing with difficult situations. If security officers are employed, they should be well trained for the duties assigned and appropriately supervised. If firearms are carried, the employee must meet all licensing and training requirements.
Crime exposure is from employee dishonesty and money and securities. Background checks should be conducted on all employees. Receipts must be provided for all payments, and reconciliation between receipts and money received. Deposits should be made promptly with appropriate security provided. All orders and disbursements must be handled by separate individuals.
Access to units must be limited to those authorized to do so, and access to master keys must be strictly controlled. Units should be rekeyed when there is a change in tenant.
Inland marine exposures are from accounts receivables for rents due, computers, signs, and valuable papers and records for leases, mortgages, and tenants' information. Duplicates of all data must be kept off premises for easy replication in the event of a loss. Signs may be subject to wind, vehicle damage and collapse from the weight of ice and snow. Contractors' equipment may be needed if maintenance of yard and buildings is handled internally. Some building owners may display fine arts in the common areas.
Automobile exposure is generally limited to hired and non-owned (HNOA) for employees running errands. If there are owned vehicles, such as those used for servicing or security patrols provided by the building owner, any driver must have a valid license and acceptable MVR. Routine maintenance on owned vehicles should be documented.
Next to commercial general liability insurance, property insurance is the most important coverage for TN strip mall and shopping center owners. This type of coverage protects the property, including the buildings on it, the signage, the landscaping, the sidewalks, the parking lots, and the garages.
If any of these elements of your property are damaged as a result of a fire, a weather-related incident, vandalism, or any other type of destruction, a TN commercial property insurance policy will provide you with the protection that you need. It covers the costs of repairing and replacing damaged property so that you don't have to pay for it out of your own pocket.
Insurance is absolutely vital for shopping center and mall owners. Speak to a experienced insurance broker to find out what type of insurance you need and how much coverage you require so that you can keep your investment - and yourself - protected.
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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.
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.
Request a free Tennessee Shopping Center And Strip Mall Insurance quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville-Davidson, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other cities in TN - The Volunteer State.
Also learn about Teneessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.