Commercial Landlord Insurance

Commercial landlords insurance is an umbrella term that comprises a number of different key policies to keep your property safe. Although there is no legal requirement for commercial landlords to have this cover in place, it is useful to consider buildings insurance to protect the premises, property owners’ liability insurance, and landlord contents insurance to provide protection in the event that anything within the building becomes damaged or gets stolen.  You can also be covered in the event that your tenants are left unable to pay rent, as well as any accidental damages caused by tenants.

Insurance for the building is generally the responsibility of commercial landlords rather than tenants, regardless of whether or not you are responsible for the business being run from the building itself. As a tenant, you will then insure your own business stock, contents, and liabilities.

Absolutely. Although you will trust your tenants enough to accept their renting your commercial property, that doesn’t mean that accidents can’t happen, particularly when it comes to customers or guests. You will also be responsible for the majority of upkeep and repair work that needs to be done to your commercial property, so it is critical to have comprehensive coverage in place in case these lead to damages.

The price of your commercial landlord insurance depends on several factors. These include everything from the level of cover you’d like and how valuable your belongings are to how secure your property is and where it is located. Essentially, the more likely you are to make a claim on your policy, the more it will cost, such as if it is situated in a high-crime area.

Indeed, they do. Commercial landlord insurance typically encompasses coverage for business interruption and loss of rent, along with tenant damage. On the other hand, residential landlord insurance primarily offers protection against liability, loss of rent, and tenant-induced damages.