Jeff Clark Insurance
One of the most lucrative business these days is renting property, equipment and the like. Investments on these items are no joke, and often requires a high capital. However, it cannot be avoided that there are some people out there who rent things and never return them to the condition they were handed too. This is particularly irking for those who invest a lot in to those items only to have some ruin or destroy it. To avoid these situations, renters have to be mindful of the protection they have to obtain for themselves and the business.
Always Have A Written Agreement
A written agreement can take the form of a contract. It is common practice in the renting business to have a prepared contract to protect the common interest of the parties. This also ensures that the renters will fulfill their end of the obligation. Some however overlook this necessity and as a result they can no longer go after the erring renter. Do not forget that these contacts afford you with protection and a claim against the erring renter.
Make A Habit of Inspecting and Documenting the Condition of Your Item
With the number of people who rent your property or equipment, the usual wear and tear of an item becomes noticeable after several years. Inspecting and documenting the conditions of your property and equipment is also necessary and important. This informs you of the condition that you surrendered the item to the renter.
Make sure that the renter is also informed of its current condition and have them sign documents saying that they received it in the condition as specified. This protects the business from renters who abuse the property or equipment and blame it on other people’s fault.
Ask For Money Immediately
There is nothing wrong with asking for money immediately even without lending the item yet. Always ask for a security deposit from your renters to serve as a deposit for the equipment of property. The deposit can be used as leverage in case the renter damages anything, or it not the money can be returned. This is a good cost saving measure for owners because they do not have to cover all the expenses by themselves.
Always protect yourself from renters who abuse your property. Make sure to be mindful of these tips to help you and your companies welfare. At Jeff Clark Insurance Agency LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (864) 814-3003 or Click Here to request a free quote.