What is Commercial Landlord Insurance?
Commercial landlord insurance is an insurance policy designed to protect owners of commercial based properties who rent out space to tenants.
Insurance for commercial landlords will typically extend to insure against loss or damage in relation to other aspects of the business. For instance, a small factory will be at higher risk with production equipment moving around internally. As such, a greater level of cover is required compared to a residential landlord insurance policy.
Commercial landlord insurance policies can be tailored to cover for property damage, liability claims, loss of rental income and more.
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What Does Commercial Landlord Insurance Cover?
Commercial landlord insurance typically covers a variety of risks associated with owning and renting out commercial property. Here are some common areas of coverage that may be included in a commercial landlord insurance policy:
It’s important to note that coverage and limits can vary depending on the specific policy and insurer. Therefore, it’s important for landlords to carefully review their policy and discuss any questions or concerns with their insurance broker.
What Are The Common Add Ons For Commercial Landlord Insurance?
In addition to the standard coverage options, commercial landlord insurance policies may also offer various add-ons that provide additional protection for specific risks.
Here are some common add-ons that landlords may consider adding to their policy.
What Type Of Buildings Would Need Commercial Landlord Cover?
Commercial landlord insurance is designed to protect owners of commercial properties who rent out space to tenants.
This type of insurance is typically necessary for any type of commercial building, including:
- Office buildings: Any building used primarily for office space, including single-tenant or multi-tenant buildings.
- Retail spaces: Buildings or portions of buildings used for retail, such as shopping centres, malls, or standalone retail stores.
- Industrial spaces: Buildings used for manufacturing, warehousing, or other industrial purposes.
- Hospitality properties: Properties such as hotels, motels, and bed and breakfasts that provide lodging for paying guests.
- Mixed-use buildings: Buildings that combine multiple types of spaces, such as retail on the first floor and offices or apartments on the upper floors.
- Medical facilities: Buildings used for healthcare, including hospitals, clinics, and medical office buildings.
- Other commercial properties: This can include buildings used for entertainment, such as theatres and concert venues, or for educational purposes, such as schools or universities.
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