Rental Insurance Tips for Commercial Landlords: What Do You Need?

Commercial landlords need coverage for property damage, liability and lost rent, with additional protection matched to their risks.

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What should commercial landlords look for in rental insurance? Start with protection for property damage, liability claims and lost rental income. Then consider the risks attached to your property and how you own it. Commercial landlords face different challenges from residential landlords, so understanding your existing policy is the starting point for deciding what additional coverage you need. To see what that means, we'll look at what each type of insurance protects. Damage to a building, income lost during repairs and a lawsuit against a company director create different financial exposures. Your policy's terms, limits and exclusions matter because they define the protection it provides. 1. Understand Your Policy Coverage Commercial property insurance typically covers damage to the building and its contents from fire, vandalism, theft and certain natural disasters. Liability insurance protects against lawsuits arising from injuries or property damage on the premises. There is a good reason to begin with the policy you already hold: it provides protection against these risks. But the terms, limits and exclusions are part of that protection. Review them carefully so you understa