Are you operating your business out of a rented or leased space? If so then you need to know about the benefits of tenant legal liability insurance.
At ALIGNED, we are experts in commercial insurance, which means we can help you find the right tenant legal liability insurance policy for you and your business. We obtain quotes from some of Canada’s top insurance companies and compare coverage options and pricing on your behalf. From there, we set you up for success by matching you with a tenant legal liability policy that suits your needs, budget, operations and preferences.
What is tenant legal liability insurance?
Tenant legal liability insurance is a type of coverage within the typical commercial general liability insurance that protects your business against the risks with damaging property owned by others while operating out of leased space. This form of insurance protects commercial tenants against liability for property damage to the building being rented or leased. If you or one of your employees is responsible for damaging your leased space, tenant legal liability insurance can help cover the costs of repairing the damage. For example, if one of your employees causes a fire in the building, the landlord might hold you responsible for the damage and subsequently file a lawsuit against you. However, if you have tenant legal liability insurance in your back pocket, you should be protected against such claims. It’s worth noting that many landlords require tenants to obtain this type of insurance before occupying the space and it’s almost always required by commercial leases.
What does tenant legal liability insurance cover?
Tenant legal liability insurance varies from policy to policy, so depending on the plan you choose, your insurance may cover the following: cost of repairing property damage caused by the tenant or their employees, legal costs to defend yourself in a lawsuit (if applicable), costs to settle a lawsuit brought against your business, and any awards or damages you are required to pay in the case of a judgment against your business. Please note that tenant legal liability insurance does not insure the tenant’s possessions (this is covered by a separate type of insurance known as tenant’s content insurance also known as property insurance).
Get ALIGNED with the best tenant legal liability insurance on the market.
When you work with ALIGNED Insurance, you can rest easy knowing you’re in good hands. Our experts take the time to get to know each client so that they can help you find a tenant legal liability policy that suits your needs.