The real estate rental and leasing industry is comprised of businesses that focus on the renting, leasing or other permissioned use of assets. These assets can range from tangible property such as apartments, cars and tuxedos, to intangible assets such as trademark or brand name licensing. For those who own businesses within this industry, the risks are high, but the rewards are often lucrative. You can mitigate many of your industry’s risks by investing in a comprehensive business insurance policy that is designed specifically for businesses in the real estate rental and leasing industry sector.
The National American Industry Classification System has been tasked with categorizing businesses into sectors and subsectors according their specialty. This enables economists to collect, analyze and report on financial data for different industries. There are currently 807,164 U.S. business establishments classified as falling into the NAICS’s real estate rental and leasing sector. These include the following business types:
Whenever you lease or rent property to others, you run the risk of damage, loss, theft or other problems with that property. You also open the door to liability lawsuits if the property or product in question causes injury, illness or third-party property damage. It is therefore imperative that you protect the investment you have made in your business with a business insurance policy that is specifically designed for real estate rental and leasing industry businesses.
Some types of coverage you may find particularly beneficial to your business include the following:
There are a number of additional coverage choices available. The options that are right for your real estate or leasing company are dependent on its size, scope and specific inherent risks. An insurance professional can provide you with guidance and advice while shopping for a policy.
Your industry is real estate rental and leasing, not insurance. You should therefore not have to struggle with learning about the many different insurance options offered by business insurance plans on your own. Independent insurance agents in the Trusted Choice® network are available to help you every step of the way.
These agents can answer your insurance-related questions, help you assess your coverage needs, and work with a number of different insurance companies to build a policy that is well-suited to your specific company. They can also advocate for you if you ever need to file a claim. Contact a Trusted Choice network agent near you to learn more about insurance for the real estate rental and leasing industry.