Commercial Buildings Insurance

Have you thought about what might happen should a person injure themselves within your property? Chances are, you haven’t given it much thought. If you are new to property investing then this may be something you need to look into.

When renting a property out there is always a chance that the tenant may physically injury themselves it is important to have commercial property insurance. As a landlord, this could result in you being legally liable to pay them some form of compensation, which could run into thousands. Is this a risk you can afford to take?

Thanks to new legislation, buy-to-let insurance policies will now automatically insure you against this risk. If you think about it – it would appear that commercial buy to let properties incur a higher risk of this sort of claim occurring, especially with both employees and the public walking in and out of the premises on a day to day basis.

As the owner and landlord of the commercial buy to let property you are responsible for maintaining the property to a respectable and efficient level. This includes being aware of the health and safety regulations, such as gas and electrical safety codes. By meeting these requirements will show that you, as a landlord, have showed form form of due diligence and reduce the risk of being held liable in the event of a claim or incident.

If the tenant or a member of the public is injured due to your negligence you can become legally liable and clear the path for them to sue you.

Property owners liability insurance is designed to pay the amount of any court costs, claimants’ costs and expenses as well as damages , subject to policy limits and terms and conditions.

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

If you take out a policy with us, Commercial Protector will automatically cover you for property owners liability. The standard amount of cover is up to £1,000,000.00 which can be increased on request incurring a small additional charge. The level can be increased up to £2,000,000.00 and we are also pleased to announce that £5,000,000.00 cover can now be included.

If you are running any sort of business, property investment is no different. By doing things correctly and effectively will not only save you money in the long run, but also give you piece of mind.

There are many types of liability insurance available. Your tenant may also think about getting their own liability cover. If your tenant makes any alterations and/or repairs to the property or if they 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).