What is Landlord Insurance?
Landlord Insurance covers the costs of repairing damage to your business premises. Your business premises should be insured for the full rebuilding cost (not for the market value). If your business is in rented premises, check that the building owner’s insurance covers your business activities. If you work from home, check that your business is covered with your home insurance provider. You can find information about a wide range of small business insurance policies in the Policies section on our website.
What is Landlords Insurance? Landlord Liability Insurance enables you to meet any costs and damages awarded to a member of the public if they suffer an injury following an accident on, or linked to, your premises. This will include costs of hospital treatment and ambulance costs claimed by the NHS, if someone is awarded personal injury compensation and the incident occurred either on or after 29 January 2007. This protection is generally included in a household policy. Where you insure your contents and business, and a landlord insures the premises, make sure that Landlord Liability Insurance is included in at least one of these policies. In general, it is a good idea to make sure that Landlord Liability Insurance is included in your business insurance – you may find it is also included with Contents Insurance. If Working From Home, but customers or suppliers visit you, make sure that your household insurance covers these business risks. Follow this link to find out more about Working
Landlord insurance serves to protect landlords during circumstances where they are prevented from using their property to earn an income. These circumstances include legal disputes between a landlord and tenant. If legal expenses are purchased as a part of the insurance coverage, landlords will be compensated for any related legal fees. In cases where the property damaged to the point that it is inhabitable, landlord insurance will help cover the costs to repair the damages as well as compensate the landlord for the loss in rent collected during the rebuilding. Like all contracts, the precise language of the insurance coverage must be carefully reviewed to understand precisely what is and is not covered. Coverage may be limited to damage of the interior or exterior of the property. Because of the variety of coverage available, landlords are often advised to carefully consider different options before buying an insurance policy. Comprehensive insurance provides coverage for all types of
