Protect your property and the people living there.
Mobile home park insurance for your Northern California business.
Mobile home parks can be a great investment. However, without the right insurance, your assets could be in jeopardy. There are a number of factors to consider when getting mobile home park insurance depending on the specific needs of your operation. You have a responsibility for your property and the people who live there. Make sure you have the appropriate coverage to do just that.
Why do mobile home park owners need insurance?
Every mobile home park is different, as are the types of coverage options, which are comparable to the policies that landlords need. For example, if your mobile home park has a common area that all residents have access to, you can be responsible for claims related to these. This includes everything from a swimming pool, laundry facilities, and playground equipment. A general liability insurance policy is essential in case you are faced with a lawsuit if someone is injured at one of these common areas. In addition, commercial property insurance can cover the costs if common areas are damaged.
The potential risks involved with owning a mobile home park.
The success of your mobile home park can fluctuate, mainly because you either rely on people renting mobile homes from you and/or renting the property for their own mobile homes. If this income is interrupted, be it from property damage or other reasons, a business owners insurance policy (BOP) can help with business income coverage. Another example might be that if there is a water or sewer backup that impacts some or all of the mobile homes at your park, you can be held responsible for damages. Also consider the fact that there can be a lot of people living and visiting your mobile home park at one time, increasing your risk for liability and property damage claims.
The business side of being a mobile home park owner.
Depending on the scale of your mobile home park, you might hire employees to manage the grounds, perform maintenance, or run the main office. Business auto insurance can provide protection if an employee is involved in an auto accident while driving a company vehicle or driving their own vehicle while on business. Workers’ compensation can also benefit employees should they suffer from work-related injuries. Employment practice liability insurance (EPLI) should be considered for potential lawsuits regarding your hiring practices, discrimination, or harassment. And like any other business, cyber liability insurance is increasingly important, as a data breach in your systems could expose the personal information of your tenants.
Are you ready to protect your business with mobile home park insurance? Contact us today to go over your options.
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