If your business is currently operating out of a leased or rented space, then commercial tenant liability insurance might be for you. As all business owners know, a unique set of risks comes with running a company out of a rental property. Protect yourself against allegations of property damage, bodily injury, and more by investing in commercial tenant liability insurance.
To find the right policy for your business, ALIGNED can help. We are business and tenant insurance experts, and we’ll stop at nothing until you are 100% satisfied with your commercial tenant liability insurance policy that is custom built to suit your unique needs.
What is commercial tenant liability insurance and why do I need it?
Commercial tenant liability insurance, otherwise known as tenant liability insurance, is a type of commercial general liability insurance that protects your business against financial threats from occupying and operating out of physical space owned by a third party. More specifically, tenant liability insurance aka tenants legal liability insurance within a commercial general liability is specifically designed to provide coverage for property damage to third parties which could include your landlord and/or other nearby property owners associated with your tenancy.
Investing in commercial tenant liability insurance is a wise financial decision. Without it, you could be left to pay for property repairs and/or lawsuits on your own, all of which can be extremely costly and time consuming. Whereas if you purchase commercial tenant liability insurance, the cost of repairing property damages to your rented space, legal costs to defend yourself or settle a lawsuit (if applicable), and the cost of any awards or damages you are required to pay in the case of a judgment against your business may all be covered.
What does commercial tenant liability insurance cover?
The two key coverages below are the types included in tenant liability insurance policies:
- Bodily injury liability coverage
- Third-party property damage coverage
What doesn’t commercial tenant liability insurance cover?
The following incidents are generally not covered by commercial tenant liability insurance policies:
- Intentional or wrongful acts
- Errors and omissions
- Bodily injury to yourself or other employees
- Repair or replacement of your personal possessions and belongings (because this is covered separately by commercial property insurance)
- Property damage or bodily injury due to an alcohol-related incident