What type of insurance policy is usually required when leasing commercial space?

When leasing commercial space, a Commercial General Liability Insurance policy is typically required. This type of insurance provides coverage for businesses against claims made by third parties for bodily injury and property damage that occurs on the premises. Landlords often mandate this insurance to protect their property and ensure that they are not liable for accidents or injuries that may occur during the lease period.

Commercial General Liability Insurance covers a range of risks, which is essential for businesses operating in commercial spaces. It helps shield business owners from financial losses that can arise from lawsuits, thus giving peace of mind to both the landlord and the tenant.

In contrast, renters insurance primarily covers personal property and liability for individuals, not businesses. Health insurance is related to medical expenses and coverage for individuals, while life insurance pertains to benefits paid upon the death of the insured. None of these policies address the specific risks associated with business operations in leased commercial spaces.