Preparing Your Commercial Real Estate Property for Premises Liability

 Posted on December 00, 0000 in Commercial Litigation

The success and overall performance of a commercial property depends on a variety of factors. Perhaps one of the most influential is the way that owners (both property and business owner) handle and prevent personal injury liability situations. Bound to occur at some point, these incidents can cost all involved parties a great deal of time and money. Thankfully, the following sections can help you learn how preparing your commercial real estate property for premises liability can help to protect your asset (and your bottom line).

The Potential Consequences of Ineffective Premises Liability Protection

During the year 2017, more than 53,000 personal injury cases were filed in the United States. Many of these cases likely ended in a settlement, but not all. In either case, these lawsuits cause business and property owners to lose millions of dollars on an annual basis. Attorney fees, settlements, and court costs are just a fraction of the costs that can be associated with such cases. Money may not be the only loss that a business or property owner experiences; one's reputation and image can also be irretrievably damaged if the case goes poorly or receives a lot of publicity.

Protecting Your Commercial Property Against Personal Injury Lawsuits

Investors who are just staring out in the market may not have yet obtained an in-depth analysis of their tort protection needs. Sadly, because of this, they are at a significant risk for financial loss in a personal injury lawsuit. Injured parties often go after the property owner first because they are more likely to have insurance than the business owner. In a commercial setting, the property owner may also be easier to find than the business owner. Also, because the injury happened on the owner's property, they may be considered inherently liable for any injuries that take place on the premises. As such, it is critical that all commercial investors establish a three-pronged system that not only protects the owner in a personal injury lawsuit, but decreases the chances of one occurring. This system includes:

1. A third-party security company on the premises (especially if the risk of a crime or crime-related injury is high in the industry or building's location);
2. A seasoned attorney that possesses both knowledge and experience in handling the investor's specific asset class (different asset classes pose different risks and challenges for investors); and
3. An insurance policy that is unambiguous and as comprehensive as humanly possible with a company that is known for treating injured parties fairly. Otherwise, property owners may find they are not adequately insured, which can leave them personally liable for an injured party's medical expenses and other injury-related losses.

Contact Our Naperville Commercial Real Estate Lawyers

With Lindell & Tessitore, P.C., your legal needs are handled professionally, and with great care. Offering big-firm knowledge with small-firm benefits, our Naperville commercial real estate attorneys can help you prepare your property for premises liability, and so much more. Call 630-778-3818 to schedule your personalized consultation with us today.

Sources:

https://www.uscourts.gov/statistics-reports/us-district-courts-judicial-business-2017#table4

https://ohsonline.com/articles/2018/11/01/heads-up-for-safety.aspx

https://www.forbes.com/sites/forbesrealestatecouncil/2018/12/11/how-to-prepare-commercial-real-estate-for-premises-liability/#86706b871248