Commercial Property Insurance for Landlords Who Own More Than One Property

Successful landlords may start with one rental property and then add more to their commercial real estate portfolio. It is important to establish a good relationship with an insurance company to always have adequate coverage for landlord insurance. Be sure to consult with your insurance agent at XL Brokerage Inc. serving Selden, NY and the surrounding area to understand the insurance that is available to protect yourself and your business.

It is always a good idea to have an annual insurance review as well as have a special insurance review when anything changes, such as a sale of a property or having the potential of a new acquisition that is under consideration.

Here are the common considerations for landlord insurance:

  • General Liability
  • Property and Casualty Coverage (P&C)
  • Coverage for Employees
  • Business Interruption
  • Umbrella Coverage

General Liability Landlord Insurance

This is the coverage needed by any landlord for things like a “slip and fall” or another general liability risk for things related to the business and that can happen to people that are on the property.

Property and Casualty Landlord Insurance

This coverage is to protect the landlord from damage that happens to the property itself, such as a fire or other disaster. This category is something to talk with your insurance agent about because some things, like a natural disaster of a flood, may not be covered unless you have specific insurance for those kinds of disasters.

Landlord Insurance to Cover Employees

Employees must be covered by workers compensation insurance. Additional coverage may be needed for the acts of employees on behalf of a landlord, which can be a part of umbrella insurance coverage as described below.

Business Interruption Landlord Insurance

This insurance provided financial help for the landlord if something causes the business to stop. If tenants cannot pay rent, for a reason not caused by the tenants, this will help keep the landlord’s business operating.

Umbrella Coverage for Landlords

Umbrella coverage is beneficial to landlords because it may extend the policy limits of other coverage or provide protection for things that are not insured under other policies.

Consult with your agent at XL Brokerage Inc. in Selden, NY to make sure that you always have adequate landlord insurance.