One of the most frequent questions we get is, “What is the difference between risk management and insurance?” In this video, we will focus on the difference risk management makes for real estate owners. In New York, these owners have tremendous exposure to Labor Law 240/241, “The Scaffold Law.” If a contractor or vendor gets seriously hurt on your investment property you as the owner have absolute liability for that worker’s injury. If it goes to trial, the only issue for the judge is, “How much is the award?”
“If insurance picks up for such an event, why should I be concerned?”
Because a million-dollar claim will end up costing you approximately $600,000 over a 4 year period. A huge net income loss! Do we have your attention now?
Watch the video to see how you can transfer that risk from your P&L. Send us an email or give us a call with any questions and check out Risk Rocket.
Photo by Markus Spiske on Unsplash 
