4 Asset Protection Tips for Commercial Properties During COVID-19

May 8, 2020

As a commercial property owner during COVID-19, it is normal to feel concerned about how the viral outbreak will affect your assets. Get help navigating this trying time with assistance from your Encino tax consultants, who recommend the following tips. Whether you are a landlord, office building or warehouse owner, or own any other type of commercial property, a little planning helps significantly during COVID-19. 

Learn If Your Property Insurance Carrier Covers “Extra Protection” Supplies

Find out if your commercial insurance agency will cover steps such as extra cleaning and disinfecting that keeps the property as safe as possible. It allows you to take precautions without seriously taxing your business funds, especially if your commercial building isn’t used as frequently because of the virus or you oversee tenants you want to continue renting. 

Review Your Local Regulations

Take a minute to review state guidelines regarding the virus. Create an email outlining the guidelines to your tenants to help everyone stay safe and prevent closings that could have been avoided with the right protective measures. Also, make it clear that your tenants can reach out to you whenever they have questions. 

Protect Real Estate With An LLC

Consider turning your commercial property business into an LLC, or Limited Liability Corporation. As an LLC, you will not only enjoy significant tax benefits, you protect yourself from lawsuits. If you own multiple buildings, an LLC may be your best next step. 

Don’t Forget About Fire Protection

Contact your local fire prevention unit if your building functions as a shelter-in-place. Schedule a fire inspection to make certain all equipment and tools are functional and up to date in the event of a lockdown. Let your risk insurer know about any issues to expedite the resolution process. You may also want to schedule a security inspection to help your building or buildings remain as safe as possible. 

Discuss additional protective tactics for your commercial properties with the Los Angeles accountants at Wallace & Associates. The Los Angeles accounting firm provides asset protection services among others to help small, medium, and large business owners.