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Commercial Landlord Insurance – What you need to know

If you own commercial property, then you need to make sure you’re properly protected by getting a good commercial landlord insurance policy.

There are many excellent providers of commercial landlord insurance who can offer you cover that protects against all the main risks of letting commercial property.

Below is a full guide to commercial landlord insurance that covers everything from the types of insurance you can get to how to save money.

Types of commercial landlord insurance

• Building insurance – Building insurance will cover your building for damage caused by fire, flooding and other types of disasters that could result in extremely costly repairs. Building insurance is a legal requirement when you’re letting commercial property.
• Contents insurance – If your property has contents that you own, then contents insurance is highly recommended and will cover you for damage and theft in most cases.
• Loss of rental income – Being unable to collect rent from your tenant can be not only stressful, but also financially devastating. Loss of rental income will ensure you’re properly compensated during this period.
• Accidental damage – Accidental damage is another common type of cover that commercial landlords take out and will typically cover you for damage to floors and fittings, whether as a result of leaks or other reasons.
• Property owners’ liability insurance – As the landlord of a commercial property, you’re responsible for making sure it’s safe to be occupied. If not, a liability claim could result and could be financially devastating without property owners’ liability insurance.
• Employers’ liability insurance – If you employ a building manager to look after your property, then you’ll also need to get employers’ liability insurance.

Commercial landlord insurance FAQ

What are the most important types of cover to get?

This will depend on the type of property you have and what you consider the biggest risks to be.

Building insurance and liability cover are a must for any commercial landlord but thinking about what additional types of cover you need is just as important.

If your property has a lot of expensive contents that you paid for, then contents cover is extremely important. Loss of rent is another very useful type of cover that many commercial landlords take out.

How much does commercial landlord insurance cost?

The cost of a commercial landlord insurance policy isn’t fix and will depend on a number of factors, the most important ones being –

• The size and value of the property
• Where the property is located
• Risk of natural disasters such as earthquake/flooding
• The level of cover taken out

What if my property is unoccupied?

If you have commercial property that is currently unoccupied, then you can get unoccupied property insurance that covers you for the increased risks of things like theft, break-ins and vandalism.

What is the best way to pay for commercial landlord insurance?

When you take out a commercial landlord insurance policy, you’ll have the option of either paying for the policy upfront or on a monthly basis via direct debit.

A lot of landlords choose to pay monthly to help spread the cost but paying upfront usually allows you to make a significant saving.

Great ways to save money on commercial landlord insurance

Some good ways to save money are –

• Get a lot of quotes – Getting quotes from different insurance providers is always important when you want to get the best price for your cover. Thankfully, it’s now very easy to get quotes for commercial landlord insurance.
• Make property safe and secure – You should also take any steps you can to make your property as safe and secure as possible. This helps to reduce the risk of things like accidental injury, theft and vandalism and will therefore reduce the cost of your insurance.
• Increase excess – Increasing excess is another way to reduce the cost of your premium. Although it’s somewhat risky, it is a good way to lower the overall cost.

Get commercial landlord insurance quotes now

You can get commercial landlord insurance quotes from specialist providers now. Just click the green button below and you can have your quotes within a matter of minutes!