Shopping malls are more than convenient collections of stores; they are gathering places for people from all walks of life. People go to malls to spend time with friends, beat the heat, pass the time on rainy days, and even to get some exercise. And sometimes, they go just to shop.
Operators of shopping malls and other shopping centers are aware of the risks they face with so many people coming and going on a daily basis, as well as diverse tenants with varying customers and interests.
If you own or operate a shopping mall, it is important for you to understand all of the risks you face. Then you can obtain the proper shopping mall insurance to protect your assets from all that can go wrong.
You know what it’s like to operate a shopping mall—and the wide range of problems that can occur. You need shopping mall insurance to protect your assets from many of these problems, such as:
With a wide variety of tenants selling equally varied products, your relationships and reputation can be damaged if you don’t have the resources to make repairs or recover when something goes wrong.
It is your responsibility to ensure a safe, well-maintained facility for your tenants and their customers. If you don’t, you can be sued for causing damage and financial harm to a variety of third parties.
The biggest exposures for shopping mall owners are property damage and liability claims related to negligence or contract performance. You must carry commercial property insurance as well as several forms of liability insurance to properly protect your assets.
Shopping mall owners should talk with their independent agent about the need for professional liability insurance, or errors and omissions (E&O) insurance. There are a variety of circumstances in which you could be sued for lapses in your professional responsibilities, and your CGL policy may not offer the coverage you need.
Professional liability insurance can help you if you are sued for:
Professional liability insurance covers your legal defense costs, settlements or judgments you are required to pay, court costs, and attorney fees.
Talk with your independent insurance agent about the following types of additional shopping mall insurance that you may need:
The cost of shopping mall insurance depends on several factors that are unique to your business, so your costs may vary significantly from other shopping mall owners.
Some of the factors that influence your shopping mall insurance cost include:
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Our agents simplify the search process for finding the right shopping mall insurance. They’ll walk you through some handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.