Great coverage and rates for commercial landlords
We have a wide variety of insurance solutions for commercial landlords in Ontario ranging from basic coverage for liability and property damage to protection for business interruption, equipment breakdown and more. Our commercial insurance brokers will work with you to understand the full scope of your operations and create an insurance package that’s right for you and your business.
Get a quote for commercial property insurance for landlords
Mitch is a brokerage for over 70 of Canada’s top insurers. Let our team of commercial insurance brokers help you get the most out of your coverage.
Here’s how we can help:
- We help mend gaps in your coverage and recommend solutions so you’re always protected .
- We identify unnecessary coverages and remove duplications to help save you money on your insurance.
Key insurance coverage for commercial landlords.
While every business is different, here are some important coverages you’ll need as a commercial landlord.
Commercial general liability
A necessity for all businesses, this protects you if someone is injured or their property is damaged while on the rented premises. It includes legal fees, court-awarded payments and more.
More about CGL
Equipment breakdown
Covers the cost of repairing building equipment like boilers, elevators, phone, internet and electrical equipment after a sudden breakdown, plus any lost revenues that ensue.
More about equipment breakdown insurance
Commercial property
Protects the buildings you’re renting out against fire, storms, burst pipes, vandalism, theft and more. It also covers your contents that are kept there like maintenance equipment.
More about commercial property insurance
Rental income
Replaces lost income if a fire, flood or other insured event prevents you from renting out your commercial property for a period of time. This is a type of business interruption coverage.
Frequently asked questions about commercial landlord insurance
How much is commercial landlord insurance in Ontario?
Like all business insurance, premiums for commercial landlords vary widely based on a number of factors. For landlords, the main factors are the type and value of the buildings, the nature of the tenants’ businesses, the quality and maintenance of security systems, fire alarms and sprinklers, and proximity to fire hydrants. Talk to one of our commercial insurance experts today about the specifics of your commercial real estate business, and they will be happy give you a detailed quote.
What coverages are recommended for commercial landlords?
Because your business owns property, the most critical coverage for commercial landlords is commercial property insurance to protect the buildings themselves from fire, flood, vandalism and other perils that could damage the structure.
Like any business, commercial landlords also require commercial general liability insurance to protect against potential legal action against the business. This can also include a certain amount of contents coverage if your business owns equipment or machinery that is housed at a rented site.
Business interruption insurance includes coverage for lost rental income if the property is damaged and your tenants are unable to use the space for a time during repairs.
Equipment breakdown coverage might also make sense to protect against a sudden failure of critical equipment like boilers, elevators, HVAC and phone systems.
Do condo corporations and apartment buildings require commercial landlord insurance?
The main difference between insurance for an apartment building and insurance for a mall, industrial park or office tower is that residential tenants are all treated as if they present the same risk, whereas some commercial tenants may be viewed as higher or lower risk by insurers. Coverages would be very similar, although rates for an apartment building would be higher than they would be for most commercial buildings.
Insurance for a condo corporation is not a landlord policy at all, since the corporation is an entity made up of all the individual unit owners. Technically, the owners live there, much like a house. That said, a condo corporation policy is very different from other commercial property policies in that the corporation insures only common parts of the building, and the unit owners insure their units.
Should commercial tenants have their own insurance?
Absolutely they should. From a landlord’s perspective the most important coverage tenants should have is called tenant legal liability, which pays for any damage that they as tenants might cause to the rented property.
Do you insure commercial landlords that rent to licensed cannabis businesses?
Yes, we do. Many standard insurance companies in Canada don’t cover landlords who own property that’s being leased out to licensed cannabis producers, distributors, retailers, medical cannabis clinics, or other cannabis-related operations.
But we work with a number of insurers who specialize in this kind of rental property. If you rent space to a company operating in the cannabis industry, our commercial insurance experts will be happy to help ensure your business has the protection it needs.
