Property Owner Insurance

Property Owner Insurance Coverages

Owning a commercial property or being a landlord can be rewarding, however not without its risks. Consider these key property owner insurance coverages.

Commercial General Liability

General Liability protects your business if you’re found legally liable for injuries or property damage caused by your employees, completed work or accidents on your premises involving visitors or customers, or at your customer’s location.

Commercial Property Insurance

Commercial Property coverage helps to protect your physical assets such as building, stock, equipment and computers, including equipment removed from your premises (at a client’s business, temporarily in transit).

Rental Income Insurance

This insurance reimburses you for lost business income (rent) if the premises is damaged by a covered loss (storm, fire) and results in a loss of income or suspension of operations while repairs are made to the property.

Equipment Breakdown

Provides coverage for loss due to mechanical or electrical breakdown of nearly any type of equipment, including photocopiers and computers

Insights for Specific Property Owners

If you work in one of these industries here are a few reasons to protect yourself with the right property owner insurance coverages.

  1. Why do Vacant Land Owners need insurance?

    As a land owner, you are responsible for the maintenance and safety of your premises. If you neglected to maintain your property during winter and someone was hurt, you could become financially responsible for injuries to that individual.

  2. Why does a Bed & Breakfast need insurance?

    As a Bed & Breakfast owner you might be tempted to buy a homeowners’ policy, especially if it only a few rooms and also happens to be where you live.

    However, a homeowners’ policy generally won’t protect you if a guest falls down your stairs, gets injured and sues for negligence, or if the property is damaged and closes for repairs.

The Bauld Process

When you engage the Bauld Team for your insurance needs, you will appreciate our Commercial Advisors depth of insurance knowledge and their hands-on personal approach.

Frequently Asked Questions from Property Owners

  1. What if a tenant slips on ice in your building parking lot?

    As a building owner, you are responsible for the maintenance and safety of your premises. If you neglected or forgot to ensure the parking lot / common areas were safe during winter and someone was hurt, you could become financially responsible for damages to that individual. General Property Insurance will protect you against this liability.

  2. Hail damages your building, now what?

    Damage caused by acts-of-god like hail or lightning can be significant or even cause a total loss to your building.  Commercial Property Insurance can pay to repair the damages and or in case of a total loss, pay to demolish the old building, prepare the land and rebuild.

  3. Your tenant leaves a window open in winter freezing pipes and causing water damage

    Even if you carefully choose your tenants there is still an opportunity for them to cause damage to your building. You need to maintain property coverage to protect your assets.

  4. You are unable to collect rents after a fire damages your property.

    If fire damages one or more units and your tenants are unable to stay in their units, you stand to lose rental income for as long as it takes to repair the units and make them liveable again.  With the right coverages you can protect yourself from these type of losses.

Is Your Business Well Protected?

You work hard to make your business successful. Find out how our Bauld Commerical Insurance Advisors can help you better protect your business.