If you are the landlord of a commercial property then you may need a specific type of insurance policy. Some insurers offer policies that insure the freehold or the actual building, property that is being rented out for commercial use, or where the landlord has a portfolio of multiple commercial properties that need insuring.
There are many different types of insurance policy each with tailored and specific features. Most policies will cover the insurance of the building in the event of flood or fire or the cost of rebuilding if the property is destroyed.
Consider too public liability insurance, which may be included as standard or as an added extra. For commercial needs, this could be invaluable if a third party was to make a claim and it could also offer added legal protection.
Commercial landlord insurance might also cover the cost of call out for breakdowns. If the heating system fails or there is a fault with the air conditioning, the policy may include the cost of calling an engineer and the cost of parts or replacements.
Glass replacement can be requested or come as a standard clause in a policy too. Broken windows or doors need to be replaced quickly and if this is part of your insurance it can make the job much easier and less expensive as well as limiting commercial damage to the business.
Public liability, employers’ liability and property owners’ liability insurance are also important aspects of commercial property insurance. This can cover all eventualities due to an accident or injury which results in a claim being made against the landlord.
Landlord contents insurance is also offered by many insurance companies and can cover the loss or damage of equipment or machinery kept at the property.
Accidental damage can also be included as part of a standard commercial landlord insurance policy and can be useful in many different types of business premises. This could help cover claims made for loss or damage to equipment, fixtures or fittings due to an accident.
Finally, some policies also include extended cover for loss of rent due to an insured event where the tenant cannot occupy or use the property until repairs have been carried out, such as a flood or fire.