Do I need Commercial Property insurance for a rental business?
Not sure if commercial property insurance is for you? Find out how it can help protect your rental business.
Updated May 29, 2023.
It's highly recommended that you consider commercial property insurance. Statista estimates $773.8 billion in revenue for the rental and leasing industry for 2023. So, it's unsurprising businesses would want to protect their assets from unforeseen damages or theft.
» Worried about claims? Find out how to protect your small business from a lawsuit
What can Commercial Property insurance help cover?
Commercial property insurance can help cover four main areas that can help your rental business:
- Physical structures: A tree falls on your rental property, or a tornado damages your warehouse.
- Equipment and repairs: A thief takes off with your work laptop, or your tenants damage a washer/dryer you own on the property. Contents insurance, also called business personal property insurance, can also help cover these incidents and be included with a commercial property policy.
- Inventory: A frozen pipe bursts, flooding and destroying pallets of goods.
- Business income interruption: You're forced to hold off on renting out for three weeks while structural repairs are made.
Protect your rental business with NEXT
Whether it's for your rental properties or business office, commercial property insurance can offer coverage for an array of costly scenarios.
NEXT can help with affordable commercial property insurance that can be tailored to your needs. To view your options, simply apply online and get an instant quote in less than 10 minutes. So, although not mandatory, this coverage can give you the peace of mind you may need to focus on your tenants.