Texas Shopping Center And Strip Mall Insurance Policy Information
Texas 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 TX 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 Texas shopping center and strip mall insurance coverage.
Texas 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.
Commercial General Liability Insurance
Though there are several types of insurance policies that a TX shopping center or mall owner should carry, the most important is commercial general liability. Texas 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:
- Premises Liability - TX shopping centers and malls are bustling with activity. As shoppers or delivery people are walking throughout your facility, there is always a chance that they could trip or fall, that a piece of equipment could break and cause an injury, or that something could malfunction and damage personal property. With premises liability, the damages that are associated with such situations will be covered. For example, if a shopper is injured, your insurance will cover the cost of medical care, legal fees, and any compensation that you are required to pay.
- Products Liability - Though the tenants within your shopping center or mall are responsible for any products that they sell, it is still a good idea for you to have your own products liability coverage. If a product malfunctions and injures a shopper or damages someone's property and the policy of the tenant doesn't offer enough coverage - or worse, the tenant doesn't have coverage - you could be held liable. With products liability coverage offered under commercial general liability insurance, you will be protected from any legalities that arise as the result of a faulty product that causes an injury or property damage.
- Completed Operations - Under general liability insurance, you will also receive completed operations coverage. This section of general liability insurance will safeguard you from any lawsuits that could potentially arise after you have completed a service for a shopper. For example, if a customer believes that a service you offered caused him or her harm, that customer could file a lawsuit against you. The completed operations portion of your commercial general liability insurance policy will protect you from these claims, offering coverage for legal defense and any compensation that you may be required to pay.
TX Strip Malls And Shopping Centers Risks & Exposures
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.
Commercial Property Insurance For Strip Mall & Shopping Center Owners
Next to commercial general liability insurance, property insurance is the most important coverage for TX 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 TX 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.
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
- Shopping Center & Strip Mall
- Vacant Land
- Vacant Property
- Specialty Habitational
- Specialty Inland Marine
- Specialty Property
Commercial property insurance is a type of insurance that provides coverage for businesses against losses or damages to their business property. This can include buildings, equipment, inventory, and other assets owned by the business.
There are several types of commercial property insurance, including standard property insurance, business interruption insurance, and contents insurance.
- Standard property insurance covers damages to the physical structure of the business, such as the building, walls, and roof.
- Business interruption insurance covers lost income and expenses incurred during the repair or rebuilding process.
- Contents insurance covers damages to personal property within the business, such as office equipment and furniture.
Commercial property insurance is important for businesses of all sizes, as it helps protect against financial losses due to unforeseen circumstances, such as natural disasters, theft, or vandalism. It can also provide liability coverage in case of accidents or injuries on the business property.
To determine the appropriate level of property insurance for a business, it is important to consider the value of the business's assets, the location of the business, and the potential risks it faces. Many businesses choose to work with an insurance agent or broker to help identify the best coverage options for their specific needs.
Overall, commercial property insurance is a crucial part of any business's risk management strategy, helping to protect against financial losses and ensuring the long-term viability of the business.
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 Texas Shopping Center And Strip Mall Insurance quote in Abilene, Allen, Alvin, Amarillo, Arlington, Austin, Balch Springs, Baytown, Beaumont, Bedford, Benbrook, Big Spring, Brownsville, Bryan, Burleson, Carrollton, Cedar Hill, Cedar Park, Cleburne, College Station, Colleyville, Conroe, Coppell, Copperas Cove, Corpus Christi, Corsicana, Dallas, DeSoto, Deer Park, Del Rio, Denison, Denton, Duncanville, Eagle Pass, Edinburg, El Paso, Euless, Farmers Branch, Flower Mound town, Fort Worth, Friendswood, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Greenville, Haltom City, Harker Heights, Harlingen, Houston, Huntsville, Hurst, Irving, Keller, Kerrville, Killeen, Kingsville, Kyle, La Porte, Lake Jackson, Lancaster, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Nacogdoches, New Braunfels, North Richland Hills, Odessa, Paris, Pasadena, Pearland, Pflugerville, Pharr, Plainview, Plano, Port Arthur, Richardson, Rockwall, Rosenberg, Round Rock, Rowlett, Sachse, San Angelo, San Antonio, San Benito, San Juan, San Marcos, Schertz, Seguin, Sherman, Socorro, Southlake, Sugar Land, Temple, Texarkana, Texas City, The Colony, Tyler, University Park, Victoria, Waco, Watauga, Waxahachie, Weatherford, Weslaco, Wichita Falls, Wylie and all other TX cities & Texas counties near me in The Lone Star State.
Also find TX local small businesses by General Liability Class Code and learn about Texas small business insurance requirements for general liability, business property, commercial auto & workers compensation including TX business insurance costs. Call us (214) 999-1966.