Property owners’ liability insurance covers most costs and damages awarded to a third party if they suffer an injury following an accident, illness or disease whilst visiting your premises. It also covers legal fees and court costs, plus claimant expenses.
As a landlord some of the risks you run are not dissimilar to any other small business. If, for example something faulty or dangerous at your property harms a visitor, worker or tenant, you could be liable for costs following a third party claim for compensation. However well-intentioned and meticulous you are, accidents do happen and legal fees and pay-outs can be expensive. Property owners’ liability insurance can protect you, the public and your staff if your property causes damage or injury.
Property owners’ liability insurance offers protection against third party claims. But if you employ staff you may wish to add employers’ liability insurance too, which you may require by law. With high traffic, visits from estate agents and prospective tenants, a slip on a damaged floor tile or similar incident could be expensive if it went to court. With this insurance you are covered for damages awarded to the claimant, as well as the cost of defending yourself.
