Insurance on a Commercial Property

I am in the process of purchasing a commercial building to rent out.  I was hoping you could help me with a few ideas on what kind of insurance I should carry on the building as the landlord.  In the bottom of the commercial building I am renting an antique store. In the top of the building are 2 apartments that I will rent and the occupants of the apartments will again be responsible for their own stuff.  So I guess I just need insurance for the building itself, and I was hoping you could help me with what kind of coverage I should have.

Answer: As the owner of a commercial property, you should be looking at a comprehensive insurance policy for the structural components of the building. This is fairly straightforward, and you might want to consult with a broker that is familiar with putting insurance on properties that have tenants.

If the structure of the building fails and your tenants are hurt, you will be liable. This is just one reason that you will want to have liability insurance as well. You could even find yourself named in a suit if someone hurts himself or herself within the store. Good liability insurance is a must for any business venture.

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