Due to the type of work performed on a job site, the construction industry is one of the most dangerous industries to work in. To own a construction business, you have to understand the inherent risk and protect yourself in advance.
The Risks in Construction
There are several kinds of risk at a job site. Risks include:
- Damage to your equipment and property
- Injuries to third parties
- Damage to rented space
Your business could suffer lawsuits based on false advertising, copyright infringement and libel or slander. Not only should you take responsibility for your actions, but your employees actions on the site.
The Solutions to Your Risks
The solution to the inherent risks is insurance coverage. Most owners in the construction business have a builders liability policy and a general liability policy. The builders liability policies cover your equipment, property and other equipment if damaged due to theft, vandalism, fire and more.
General liability, on the other hand, protects you against lawsuits. General liability covers injuries that occur on your property and damage to the build site if it belongs to a third party.
Owning a construction business comes with a lot of responsibility. You have to recognize the inherent danger and plan for the worst. General liability insurance construction business owners use is your best shot at protection.
Property investments can become a great source of income when you lease apartments or dwelling spaces to tenants, but they can also come with a lot of headaches. Even with your best intentions, you may not always be able to protect your units from natural disasters, tenant or visitor injuries, or damage to your units from theft or vandalism.
Your Exposures as a Landlord
If you rent out your property, whether you are operating a commercial venture like a hotel, student dormitory, or condominium or you lease out your second home or timeshare on occasion, you should consider the liabilities you face as a landlord. Your tenants have an expectation of safety and security from bodily harm or loss of physical property, but they are also counting on all the amenities to be in good working order.
Your Coverage as a Landlord
Habitational insurance addresses these key areas of habitational risk. In addition to paying for medical claims of injuries that occur on the property and assisting with structural repair or replacement for property damage, these policies can also be underwritten to include loss of rental income, environmental costs of claims associated with exposure to pollution, and the funds needed to address equipment breakdowns.
There are unique risks associated with the different variations of rental properties. Talk to a broker specializing in this coverage to make sure your plan will address the areas where you face the most exposure.
Libel and slander are civilly actionable offenses in which one person or entity causes damages to another by making untrue and defamatory statements. Libel refers to written statements while slander typically refers to oral statements. These types of claims are examples of torts, specific wrongs in which one person causes another person to suffer damages. Other examples of torts include negligence, fraud, or reckless endangerment. In the case of libel or slander, many victims don’t need compensation for the damages so much as they need for the libelous or slanderous activity to stop. A cease and desist letter can be an effective way for a claimant to stop defamation without resorting to litigation.
The Contents of a C&D Letter
A professionally prepared libel cease and desist letter is a formal demand to compel someone to stop defamation. It details when and how defamation occurred and addresses the claimants damages. According to Huntersure, the letter should indicate that the claimant has specific and sufficient evidence to litigate a claim if necessary.
The Effect of a C&D Letter
A C&D letter puts a potential defendant on notice that he or she may be sued for libel. It forces them to consider the risks of defamation from a legal perspective, and it may persuade them to stop any alleged wrongdoing to avoid time-consuming or costly litigation.