Being a business owner comes with a lot of responsibilities, especially when you’re also a building owner. Many business owners choose to rent commercial space to run their businesses to avoid all the headaches that come with it. However, there are also plenty of advantages to owning your own property.
As you know, being a building owner means you’re responsible for the safety of your employees, customers, tenants, or other occupants. The tips in this article will help provide peace of mind that all who work or live in your commercial property or residential units are safe.
Hire a construction lawyer to help with new construction projects.
Construction projects for commercial and mixed-use properties are arduous and fraught with regulations and red tape. The best way to cut the stress of constructing a new business or residential building is to hire a construction lawyer to aid you through the process.
Construction attorneys understand the needs of property owners. They can help with everything from making sure all your contractors have the necessary certifications to helping find the best contractors for individual projects that are part of the larger building process. And, of course, your attorney can help you file a lawsuit or defend you in case you’re the subject of a lawsuit related to your commercial building. The last thing you want is to be trying to find a lawyer for building dispute litigation after something goes wrong. Retaining a lawyer will ensure you’re ready for any legal issues headed your way.
Get the right type of insurance policy for your commercial building.
Getting the right type of insurance policy for your commercial property or residential building is another key part of keeping everyone in your building safe. You may think of property insurance as something that only kicks in after an event takes place, but you can use it to prevent things from happening, too.
If you own a mixed-use building and need to replace the roof, your insurance coverage could help with that. Indeed, your mixed-use insurance could be used for anything from cleaning vandalism to upgrading your security systems. The key is to choose the right insurance company and insurance coverage.
Renovate older mixed-use properties when you buy them.
In a major city like New York or San Francisco, you’ll find a lot of older buildings that have been converted into mixed-use properties. While this is a growing trend, these old buildings often present problems like faulty wiring, outdated plumbing, and possibly even harmful lead paint on the walls. Invest in renovating the business to rejuvenate it and make it safe and welcoming for employees, tenants, and patrons. What you invest in improvements could save you exponentially more in liability.
When you’re a business owner or property owner, it’s up to you to protect the people who work and live in your building. It’s imperative that you do everything in your power to ensure the safety of your employees or tenants while also ensuring the building’s functionality and security. Structural defects and procedural negligence have left many business owners and landlords in financial ruin, but with the right measures, you can ensure the safety of all those in your charge.
It’s wise to hire a construction attorney to help you manage new commercial property construction projects. It’s also critical that you do your due diligence to find the right insurance company and insurance policy for your commercial or mixed-use building. It’s also wise to handle proper renovations on an older building and take the necessary precautions to ensure the security of customers and tenants. After all, everyone in your apartment building or commercial property is counting on you for their safety.