If you’re a landlord and your property is rented to another person or company, you must have public liability insurance landlords in case of any incidents on the premises. Without it, you’re liable for any injuries or damage incurred by tenants and their guests. But if you own commercial property, like a shop, factory, or retail outlet, you’ll also need to consider public liability insurance. Consolidated Insurance Brokers offers a variety of public liability insurance policies, so be sure to talk to one of our expert advisers.
What Are Public Liability Insurance Landlords?
Public liability insurance covers you legally if a third party is injured or suffers damage from an incident on your property. For example, if the fire alarm activates in a building and people suffer smoke inhalation, or if a stray ball hits someone near your field, causing injury – public liability will cover you for potential court costs and other related losses.
What Are The Benefits Of Public Liability Insurance Landlords?
You’ll be protected if a third party suffers injury or damage to your property.
Public liability is also called “third-party” coverage, which means that damage or injuries caused by someone other than the landlord are covered. For example, if a tenant’s dog causes damage to your building, that’s covered by public liability. The benefits are as follows:
1. Cover For Injury Or Damage Caused By A Third Party
Public liability insurance landlords cover you legally if a third party is injured or suffers damage from an incident on your property. For example, if the fire alarm activates in a building and people suffer smoke inhalation, or if a stray ball hits someone near your field, causing injury – public liability will cover you for potential court costs and other related losses if a third party injures themselves on your premises, whether accidentally or not, it can be covered under public liability.
2. You Are Protected Even If Their Damage Was Intentional
Public liability insurance landlords can also protect you in case of intentional damage. For example, if someone vandalizes your property with graffiti that causes damage, that is covered by public liability insurance. You would not be financially liable for any costs associated with the vandalism as it is insured by public liability insurance.
3. It Protects You From Court Costs And Other Costs
Public liability insurance also covers you for any court costs or other related legal fees in the case of an injury caused by a third party on your property. In the past, landlords have been targeted for court fees if someone was injured on their property, even though it was covered by public liability insurance. However, landlords can now claim any court costs or legal fees from any damages caused by a third party in the policy.
4. You Can Claim For Compensation From The Property Owner
If injuries occur, you can claim any compensation from the property owner. That can be useful if you have a tenant with insufficient public liability insurance on their property and cannot afford to pay for any damage caused by your property. However, public liability insurance landlords have a limit on how much you’ll be able to claim from it.
You must have public liability insurance landlords for your rental property if you’re a landlord. If someone is injured or suffers damage from an incident on your property, you could be held responsible. That’s why it’s essential to take out the correct level of coverage and speak to one of our advisers at Consolidated Insurance Brokers about any additional building insurance options available. Connect with us at tel:07 3292 1100.