Commercial property insurance for landlords

Commercial landlord insurance is commercial property insurance for landlords. Knowing what the different types of commercial insurance are available can be helpful to all businesses. With the amount of different types of business insurance on the market it can be overwhelming for a commercial property owner. No one wants to waste time or money.

In this article we are going to take a closer at commercial landlord insurance in this article. Hopefully it will give business owners a better idea if this is a policy that they need. 

Why a commercial landlord needs insurance

Anything can happen to pretty much every industry. Some issues can even be so damaging that you may have to shut the business down. The good thing is there are many different types of commercial insurance that can help safeguard your company. Landlords can run into all sorts of issues such as lawsuits, property damage, theft and more. 

Most mortgage lenders will require landlords to carry commercial property insurance. This is to protect the banks investment. Typically they will ask you to have enough coverage to pay for a complete rebuild if the worst were to happen.

Usually mortgage lenders will require the property owner to have coverage in place before they fund the loan. If you do not have commercial property insurance within the timeframe they require there’s a good chance they will put commercial property insurance on it for you. 

Two Types of Commercial Property Insurance for Landlords

On a standard commercial property insurance policy there are 2 primary types of insurance which are:

• Liability insurance
• Property insurance

Commercial landlord liability insurance

Your typical commercial liability insurance policy for landlords will have liability coverage which will protect you from claims due to an injury or property damage. This can be someones vehicle or someone slipping and falling on your property. 

There are many ways a simple slip or fall can cause an injury. In addition most lead to legal battles and expenses. 

The majority of commercial leases will have clients get their own commercial liability coverage. This protects the business and the landlord in most cases. 

What commercial liability insurance covers

Most liability policies for a commercial landlord will cover the majority of situations that are the result of personal injury or property damage. Some of the things it may cover are as follows:

• Medical expenses for anyone who gets hurt on the property
• Personal property damage, such as automobiles and mobility scooters
• Legal fees, court costs, and judgements or settlements related to covered claims

What commercial liability insurance doesn’t cover

Like most insurance policies there are limitations on what your policy will and will not cover. Liability insurance does cover a number of risks but below we go over a few situations that may not be covered:

• Damage to your own property
• Injury to yourself or employees
• Illegal or malicious acts done on purpose
• Errors in service
• Environmental issues, such as pollution, contamination, oil spills, etc

Commercial landlord property insurance

Commercial property insurance for landlords is one of the most common forms of landlord insurance. Property damage that takes place on commercial property can result in very expensive repairs. In the majority of situations you will be covered from losses from:

• Fire
• Wind
• Hail
• Tornadoes
• Vandalism
• Theft of business assets on the property

What commercial property insurance for landlords doesn’t cover

Typically your standard commercial property insurance policy will not cover you for the following:

• Floods
• Earthquakes
• Hurricanes
• Theft of cash and currency
• Loss of income
• Acts of terrorism
• Loss of rental income

Commercial Property Insurance Quote

If you would like a custom commercial property insurance quote, please feel free to give us a call at 916 313 6100