Insurance for Leasing a residential property to a business

[Miho Y.]

Hi all, one of the prospects is an owner of a car repair shop near by our rental property. Our property has a large outdoor parking space, which they will be naturally & possibly parking their clients' cars. Is there any insurance the TENANT can insure us in case their car get damaged or their car damages our property. Thank you in advance.

[Nathan Gesner]

Quote from @Miho Y.:

Hi all, one of the prospects is an owner of a car repair shop near by our rental property. Our property has a large outdoor parking space, which they will be naturally & possibly parking their clients' cars. Is there any insurance the TENANT can insure us in case their car get damaged or their car damages our property. Thank you in advance.

I think the only thing you need is for them to carry general liability. 

Contact your insurance provider. Explain what you are considering and ask them for advice. They will tell you what type of insurance coverage the Tenant needs and how much. Then make that a requirement for the Tenant. 

I recommend you require the Tenant to list you as "additional insured" on their policy. This will protect you if anyone sues the Tenant.