Commercial Landlord’s Insurance is quite similar to buy-to-let insurance, but will also cover any business which is carried out on the property. Your tenant may use part of the property as a place to live in and another part to operate their business. In this case, commercial landlords insurance will give you the suitable cover you need.
There are differences from the standard landlord’s insurance, so it is essential to have to correct cover in place in case you have to make a claim. Having the wrong cover to start with will cause problems further down the line.
Like any property, commercial premises are exposed to many of the risks. However, there are other factors which set business properties apart and which won’t be covered by residential landlord’s insurance. There will be features specifically tailored to commercial properties in your insurance policy, protecting you against those unforeseen circumstances. You’ll be protected for damage to your property, which will mean the money you have invested in getting it ready for business use won’t be wasted. Damage to the building and the fixtures and fittings will all be covered by your commercial cover. If the property is damaged and your tenant cannot operate their business because repairs need to be carried out, you will be able to claim for the loss of rent while the building is empty.
Certain policies will also over specific levels of liability cover depending on what type of business is operating on the premises. This will protect the staff working there, as well as the owner of the business and the owner of the property. Ensure that when you’re choosing between the many options available for landlords, you choose a policy such as this which will accurately cover all of the potential eventualities that will occur on your premises, especially commercial ventures.