How do I add my landlord onto my business insurance policy?

Question

I just moved into a new business location. My lease states that I must list my landlord as an additional insured. Is that easy to do? Do I just call my insurance and have them add right away or do I have to wait until it is time to renew? Also, approximately by what percentage will that cause my insurance to go up? I have already had a rate increase because I live in Louisiana (Katrina). It is still affordable but I am scared that adding on the additional insured may cause it to double, which I can't really afford.

Answer 1

This is a very common situation and is easily addressed by requesting your agent / company to add an additional insured endorsement. It should be done at no charge, but some companies make a modest charge just for processing the paper.

You may be interested in knowing that the standard business liability policy in use by most US insurance companies automatically includes your landlord as an additional insured if your lease agreement calls for it. Technically, you don't even need an endorsement to the policy. Most landlords, however, want to "see it in writing" on the policy, however.

Answer 2

Yes, you just call your agent, and give them the landlord's name and mailing address, tell them you need to list them as additional insured - landlord. You can do it mid term.

It's a very normal thing, most leases require the tenant of a business to name the landlord as additional insured, so don't wig out that other people are telling you you don't have to do it. Most landlords won't rent to a business without it.

The cost varies, depending on the company - no set cost. Some companies do it at no charge, some charge $15, I've seen them charge up to $150. It's a liability coverage, the additional insured endorsement, so it's usually a flat fee. Your agent should be able to tell you what it is.

Answer 3

How do I add my landlord onto my business insurance policy?

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Answer 4

I will add a bit to mbr's answer, which I think is very good. Yes, most landlords (lessor's) require you (lessee's) to add them as an additional insured (esp for liability). With that said, I would refuse to pay my agent to issue an additional insured endorsement. As someone who does this almost daily, we do not charge for issuing them. If they will not do it without a charge, change agents.

Good luck.

Answer 5

I don't get it!! You'r not the owner! I live in California, (San Andreas Fault). I wanted to install a alarm, they said, as long it does touch the electric wires, it's ok!!

Answer 6

call your insurance agent and talk to them about it. seriously tho, i dont know why people come here and ask questions like this when the people they should immediately contact are the ones that they are asking the questions about.....

Answer 7

questions is, why do have to add "your landlord to "your" insurance?is that a state requirement OR federal?