If you’ve signed a lease for office space or talked with any commercial landlords lately, you’ve probably been asked about having General Liability Insurance.
Why is this insurance coverage so important? Because landlords can be held responsible for anything that happens to anybody while on the property.
“While the landlord does carry insurance, in every lease, ownership requires that its tenants carry insurance as well to cover loss in their specific space,” says William Himmelstein, founder and CEO of real estate consulting firm Tenant Advisory Group. “It’s a way to spread the risk across a few different policies; and in the landlord’s case, hopefully any claims are covered before it hits their insurance.”