Looking after landlords
One such area of business that has witnessed a boom in recent years is property ownership. The rise in residential and commercial property prices has led to an increase in the number of people becoming landlords, whether that is renting houses out to tenants or space out to businesses.
Some people may argue that being a property 'magnate' is gaining money for doing nothing - but many landlords would say that this is unfair as there are complicated rules of business that govern both commercial and residential letting, not least in the form of the contracts that are required.
Cash flow problems
When all your money comes from rental income, the one thing you have to be sure of is that that money keeps coming in but there are unfortunately plenty of ways in which that cash flow can be stemmed. For instance, if a fire made the premises uninhabitable or it was damaged in a storm or flood, your tenants may be forced to move themselves or their business elsewhere, at least temporarily. However, if this did happen to you it would not all be doom and gloom because it is possible to insure yourself against such a scenario.
Residential property and commercial property insurance from Direct Line for Business can help cover you in such a situation. So if it is not possible for you to rent the premises because the property is uninhabitable due to an insured incident (for example a fire) then you can make a claim for the shortfall in the rental income (subject to conditions).
Designed for you
Indeed, if you are a commercial or residential landlord, you should take a look at exactly what Direct Line for Business has to offer - as our policies can also include Buildings insurance and Contents insurance as well as employers' and public liability (also referred to as property owners liability).
Related information:
Residential Property Insurance - provides buildings cover and public liability as standard and loss of rent can be added as an optional extra.
Commercial Property Insurance - this is our cover for landlord's renting out premises for business use - find out more and get a quote online.
Buildings insurance - more information on what our business insurance policies cover for landlords' buildings.
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