Commercial Landlord Insurance

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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 our Comparison Expert Says

‘Many commercial properties are owned by companies or individuals as an investment. As such, protecting that investment is essential and comparing insurance policies is a great way to start that.’

- Michael Tribe

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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:

Property Damage

This coverage typically provides protection for damage to the building and its contents due to natural disasters, fires, theft, and other covered events. It may also include coverage for damage caused by tenants or their guests.

Loss of Rental Income

If the property becomes uninhabitable due to a covered event, this coverage can provide compensation for lost rental income during the time it takes to repair or rebuild the property.

Liability for Commercial Landlords

This coverage can protect landlords from legal claims made by tenants, their guests, or other third parties who suffer injuries or property damage on the premises. This can include coverage for medical expenses, legal fees, and other related costs.

Business Interruption

This coverage can help cover lost income and other expenses if the rental property becomes unusable due to a covered event, such as a fire.

Equipment Breakdown

This coverage can provide protection for mechanical or electrical equipment that breaks down and needs repair or replacement, such as lifts or aircon systems.

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.

'Umbrella' Liability Insurance

This coverage provides additional liability protection beyond the limits of the primary policy, which can be particularly important for landlords who have a property portfolio or who have high-value assets.

Flood Risk Insurance

Most commercial landlord insurance policies exclude coverage for flood damage, so landlords in areas prone to flooding may need to purchase a separate policy to cover this risk.

Employers Liability

This coverage can provide protection against claims made by employees for wrongful termination, discrimination, or harassment.

Cyber Insurance

This coverage can provide protection against data breaches and other cyber-related risks that may impact a landlord’s business.

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.

Frequently Asked Questions

Does Commercial Landlord Insurance Include Legal Cover?

Commercial landlord insurance policies may include legal cover, but the specific terms and conditions can vary depending on the policy and insurer. Legal cover typically provides protection for legal expenses and costs associated with defending against certain types of legal claims.

For example, if a tenant sues the landlord for an injury sustained on the property, legal cover may help cover the cost of legal defence and any resulting damages or settlements. Similarly, if a third party files a lawsuit against the landlord for property damage or other issues related to the rental property, legal cover may help cover the cost of legal fees and other related expenses.

It’s important to note that the exact coverage and limits of legal cover can vary depending on the policy and insurer, so it’s important for landlords to carefully review their policy and discuss any questions or concerns with their insurance broker. Additionally, legal cover may only apply to certain types of claims or lawsuits, so landlords should make sure they understand what is and is not covered under their policy.

Is Malicious Intent By Tenants Covered?

Damage caused by a tenant’s malicious intent may not be covered under a standard commercial landlord insurance policy. Most policies include exclusions for intentional acts or criminal activity, which means that if a tenant intentionally causes damage to the property, the landlord may not be covered for the resulting repairs.

However, some commercial landlord insurance policies may offer optional coverage for intentional damage caused by tenants, which can provide protection for landlords. This coverage is often referred to as malicious damage insurance or intentional damage insurance.

Malicious damage insurance can help to protect landlords against losses resulting from a tenant’s intentional or malicious actions, such as vandalism or destruction of property. This coverage may also include protection against theft or burglary by tenants, which can be important for landlords who rent out commercial spaces to businesses that store valuable equipment or inventory.

How Much Does Commercial Landlord Insurance Cost?

The cost of commercial landlord insurance can vary massively depending on a number of factors, including the type of property being insured, the value of the property, and its contents. Properties that are rented to certain industries may see slightly higher premiums as they can be at higher risk for accidental damage.

Other factors that can influence the cost of commercial landlord insurance include the landlord’s claims history, the excess chosen, and any additional options or add-ons selected.

To get a more accurate estimate of the cost of commercial landlord insurance for a specific property, landlords should consult with a commercial landlord insurance broker who can provide quotes from multiple insurers based on the property’s unique characteristics and needs. You will then be able to compare quotes to find the best options for you and your business.