Landowner insurance is essential to anyone with real estate investments rented to businesses rather than individuals. Understanding the core coverage and options available through landlord insurance will help you obtain the coverage that will work best for your needs. Our George Ryan Jr. Insurance Group Inc. team, serving Bourbonnais, IL, can help structure the coverage you need as a landlord.
Types of Commercial Property Landlord Insurance
Illinois does not require landlord insurance, though your lender or tenants may require certain coverage to be in place. Landlord insurance generally covers damage to your property and your liability to others.
Commercial Property Coverage
As a landlord, you have made a substantial investment in your property, so you should protect your investment with the following coverage:
- Building: The building structure and permanent fixtures.
- Business Personal Property: On-site business property other than the building.
- Equipment to Service Building: Business assets used to maintain the grounds and common areas.
- Loss of Income: Replaces income from renters while your property is under repair following damage.
Most commercial property coverage excludes damage from natural disasters, so consider adding tornado or flood coverage based on location.
Liability Coverage
As a landlord, you have potential liability to tenants and third parties, such as your tenants’ customers. Your leasing contract should state that the tenant is responsible for injuries that occur within their space. You can gain additional protection by requiring tenants to name you as an additional insured on their policies.
Working with George Ryan Jr. Insurance Group Inc
George Ryan Jr. Insurance Group Inc. proudly serves Bourbonnais, IL, and the surrounding towns. We have experience with many insurance issues, including landlord insurance. Call us at 815-936-0075 or stop by today to protect your business against the financial consequences of unforeseen events.
