Leasing Commercial Space
Leasing retail, office, warehouse, or other commercial space almost always comes with insurance requirements that must be satisfied before you receive the keys or begin operations. Your lease may specify required coverage types, liability limits, Additional Insureds, and other policy requirements.
I regularly assist business owners with reviewing these requirements, identifying the coverage needed, and working with insurance carriers to obtain a policy that satisfies the terms of the lease. I can also coordinate Certificates of Insurance and required policy endorsements with your landlord or property manager before coverage takes effect.
What insurance does my landlord require?
Common landlord insurance requirements include:
General Liability coverage
Business Property coverage, when applicable
Additional Insured endorsement
Certificate of Insurance (COI)
Specific liability limits and other coverage requirements
Requirements vary depending on the property, your lease, and the nature of your business. I can review your lease’s insurance requirements and help identify the coverage and policy endorsements needed before you take possession of the space.
Questions I can help answer:
What is a Certificate of Insurance (COI)?
A Certificate of Insurance (COI) is a document that provides a summary of your insurance coverage. It identifies the insured business, the applicable policies and coverage limits, the policy effective and expiration dates, and other information that a landlord, lender, franchisor, or other interested party may need to verify that your insurance requirements have been satisfied.
A COI is often required before:
Receiving the keys to a leased property
Beginning renovations or tenant improvements
Taking occupancy of a property
Opening a business to the public
Satisfying a lender or franchise agreement
What is an Additional Insured?
Your landlord, lender, franchisor, or other interested parties may require you to name them as Additional Insureds on the insurance policies required for your business, such as a Business Owners Policy, General Liability, or Professional Liability policy. Depending on the arrangement, they may also require that they be listed as Loss Payees or receive their own Certificates of Insurance (COIs) when coverage takes effect.
Before we begin building your coverage proposal, I can review the insurance requirements provided by your landlord, lender, franchisor, or other interested parties. Once we identify an appropriate policy, I can help ensure the coverage and policy endorsements satisfy the requirements of all parties, coordinate the addition of required Additional Insureds or Loss Payees when applicable, and issue COIs to the appropriate parties once coverage is approved and in force.
If any of the requirements are unclear, I can also communicate directly with the property manager, lender, franchisor, or their insurance representative to help clarify what is needed and ensure the appropriate documentation is in place before your lease, loan, or franchise opening moves forward.
What happens if I don’t have insurance before my lease begins?
Many landlords won’t release keys or allow construction, renovations, or tenant improvements to begin until acceptable proof of insurance has been provided. Your lease may also require specific coverage limits, Additional Insured endorsements, or other requirements that must be satisfied before you can take possession.
If your insurance isn’t in place when required, it can delay your move-in, construction, or opening. Starting the process early gives us time to review your lease or other insurance requirements, identify the coverage you need, and address any questions before they become last-minute obstacles.
Once coverage is approved and in force, I can coordinate the necessary Certificates of Insurance and policy endorsements with the appropriate parties.
Ready to meet your lease requirements?
Every business is different, and insurance requirements can vary depending on your landlord, lender, franchisor, and industry.
If you’re ready to begin the conversation, please complete the insurance quote request form here. I’ll review your information and contact you within two business days to discuss your options.