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Commercial Property Insurance

When renting out a property there is always a risk that the tenant may injury himself or herself within the property, most likely resulting in you being legally liable to pay them a form of compensation.

If you are renting out a commercial buy to let property there is a greater risk of this occurring, especially with the public passing in and out of the premises on a daily basis.

As the owner and landlord of the commercial buy to let property you are responsible for maintaining the property to a certain degree. The tenant who rents this from you is also responsible for their fair share. As a landlord, you must also be aware of the health and safety regulations and also keep up to date with fire safety codes.

If the tenant or a member of the public is injured due to your negligence and overlooking of keeping the building up to code, you will become legally liable by opening a door for them to sue you.

Property owners liability insurance will pay out the amounts of any court awards or damages, claimants’ costs and expenses where you are held legally liable, subject to policy limits and terms and conditions from each individual insurance company.

Property owners liability insurance may be requirement by mortgage providers, law or tenancy agreement depending on the situation and type and of commercial property insurance you have purchased for buy to let purposes.

Commercial-Protector will automatically cover your property owners liability in any commercial buy to let insurance policy that you take out with us. It covers you for a standard of up to £1,000,000.00.

(Please note that a property owners liability insurance policy cannot be brought separately but as part of a package, which as standard is; commercial buy to let buildings insurance, loss of rent up to 20%of sums insured for the building unless otherwise stated in the policy and property owners liability up £1,000,000.00)

When deciding on how much you need to be covered for your property owners liability insurance, you should carefully consider the maximum claim that could be made against you and the total of all the expenses and awards. It is usually standard that cover is up to £1,000,000.00 on most policy’s with insurers.

Commercial-Protector covers you automatically for that standard amount; however, upon request from yourselves and at an additional charge onto the policy this amount can be raised to cover you up to £2,000,000.00. We can now include cover up to £5,000,000.00 should you require it.

It is not only your liability that you should think about. You tenant will have a responsibility too. Running a business will create legal liabilities towards employees, the public and customers. Any injury to a tenant’s employee and members of the public may cause your tenant to be legally liable to pay damages if he or she and there employees have been negligent or have been found to be in breach of statutory duty.

As a business owner your tenant will need the following liabilities covered:

• Employers Liability in case of disputes and incidents between employees and your tenant if the employee has been injured do to your tenant’s negligence and not yours.
• Public Liability in case of disputes and incidents between a member of the public and your tenant if the member of the public has been injured do to your tenant’s negligence and not yours.

Your tenant may also think about getting product liability. If your makes, repairs or sell products, he or she could also be legally liable for any injury or damaged caused by defects in the design or manufacture of the product even if your tenant has not been negligent. (The Consumer Protection Act 1987 states that it is a criminal offence to supply and sell consumer goods that are deemed unsafe).

Quote online or call us on 0845 226 8559
Mon - Fri 9.00am to 5.00pm

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