Business buildings insurance
So it’s that time of year again – the annual insurance renewal premium comes in. As businesses, we always want to make sure we have the right insurance to cover us if something happens – but we also want to make sure our premium represents value for money – so how do we know we are getting the right insurance for our needs?
What is business building insurance?
Business buildings are critical to the survival of most businesses – so if you own your building it’s essential that you insure it for all potential risks and that the level of cover is right. If you or your businesses is renting out premises to other people, insuring your buildings is even more important to the protection of your investment.
As a basic, you must insure the actual building – whether that’s a factory, a retail premise or your home office. The cover should be for the amount that it would take to rebuild the property (not for its market value) as this is the cost you would need the insurance company to pay if you totally lost your building for some reason. The sum insured should also include all fixtures and fittings in the building e.g. a fitted kitchen and things like shop fronts.
Additional cover can also be taken out for things like legal expenses, damage to glass, theft and terrorism. Depending on the location and nature of your business it may be best to include all these aspects in your cover – or run the risk of not being covered when an incident occurs.
If you don’t own your building, it is the responsibility of your landlord to insure the actual building – but you must make sure that landlord is clear what trade you are carrying on as this will affect the premium they pay. You must also ensure that you have business contents insurance to cover your stock and business equipment.
Business interruption insurance is also key in case you can’t trade because your building is damaged or you can’t get access to it. All businesses should also have public liability insurance even if your business is unoccupied.
What factors can cause my business buildings insurance to increase?
Many insurer providers will ask for minimum levels of security standards, particularly on external doors, opening windows and roof lights. If this is not being provided, your premiums are likely to increase – or you may not be offered cover at all. If your premium is increasing its worth asking if additional security measures would help to reduce your premium.
Changes of use can also affect the premiums offered. This could be as a result of a change in tenant or your type of business tenant and the new business is considered to be of higher risk. It could be because you are between tenants and the building is regarded as unoccupied which insurers would regard as inherently more risky.
Premiums can also change if the insurance companies regard the area or type of building you have as being more risky. This could be because there has been flooding or subsidence in the area or there have been previous claims made.
Who is responsible for my business building insurance?
If you own your building then it is your responsibility to insure the building itself.
If you do not own your building, it is your landlord’s responsibility to ensure the property itself is insured. You must still ensure you have contents insurance, public liability insurance and business interruption insurance to meet your needs.
Where do I get business building insurance from?
There are many online insurance organisations which will offer business building insurance and you can try a comparison website. The best method is to use a business building insurance broker, because this is a specialist area which you cannot afford to get wrong. Property Insurance Centre are specialists in commercial insurance and they have been developing relationships with all the major underwriters since 1976. Based in London and Northern Ireland, Property Insurance Centre take the time to find out about you, your business and your properties and will then engage with the underwriters to identify the best premiums which meet your needs. This will be the things you actually need cover for, ensuring you get the best value for the cover you need. Remember that with business building insurance the detail is always critical – don’t discover you are uninsured or underinsured when you try to make your claim. Ask the experts and get your cover right.
To get a quote today call our new business team on 0800 085 3761.
Why choose the Property Insurance Centre
Independent advice by approachable staff online or by phone
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Why choose the Property Insurance Centre
Independent broker with staff you can speak to by phone or online
Access to a wide range of insurers to source suitable insurance cover for your needs
Bespoke Insurance Schemes & Portfolio Policies available
We can tailor your policy to suit your exact needs to give you complete peace of mind
Competitive Premiums
Cover available for the buildings while the property is being converted, renovated or extended
Over 40 years experience working with the best insurers in the UK
Excellent communication so that you understand what risks you are insured against
Specialists in Commercial & Residential Insurance
We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.
Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.
Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.
We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.
Get In Touch:
[contact-form-7 id="12585" title="New Callback"]We accept most payment types including:
UK Call Handlers & Dedicated New Business Team
Call Us on 0800 085 3761
Robert Fisher is a company director of the Property Insurance Centre, who specialise in Business and Property Insurance, serving clients throughout the United Kingdom. His expertise and career in insurance spans almost twenty years.
Robert’s background is in Building Surveying, which he studied at Heriot-Watt University, where he was awarded a BSc (Hons) degree. Much of his educational background is in Building Structural Safety from an engineering perspective.
The knowledge that Robert gained at undergraduate level has lent itself well, particularly as it has enabled him to evaluate the risks associated with certain buildings. This means he knows how best to place these risks and ultimately insure the properties against such risks.
His in-depth knowledge of various methods of construction has enabled him to easily identify which insurer’s underwriting criteria would best fit each client’s needs and provide the correct levels of cover.
Additionally, Robert is responsible for training the team and ensuring that they are always kept up to date with the latest industry developments. This is an area that he is naturally drawn to because of his inquisitive mind, diligence and passion for passing on knowledge to others.
He is a member of the Chartered Insurance Institute (CII) and qualified to Level 3 with the CII.
As part of the Level 3 certification, Robert has undertaken modules in Insurance, Legal & Regulatory (IF1), Insurance Claims Handling (IF4) and Insurance Household Products (IF6).
As a condition of CII membership, Robert continues his professional development by keeping abreast of the latest industry developments.
Contents
- 1 Business buildings insurance
- 2
- 3 Insurance under one roof
- 4 We are specialists in many types of insurance
- 5 Block of Flats
- 6 Unoccupied
- 7 Home Insurance
- 8 Residential Landlord
- 9 Land Liability
- 10 Commercial Property
- 11 Lockup Garage
- 12 Restaurant
- 13 Takeaway
- 14 Classic Car
- 15 Mixed Use
- 16 Tradesmen
- 17 Why choose the Property Insurance Centre
- 18 Independent advice by approachable staff online or by phone
- 19 Access to a wide range of insurers to source suitable insurance cover for your needs
- 20 Bespoke Insurance Schemes & Portfolio Policies available
- 21 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 22 Competitive Premiums
- 23 Cover available for the buildings while the property is being converted, renovated or extended
- 24 Over 40 years experience working with the best insurers in the UK
- 25 Excellent communication so that you understand what risks you are insured against
- 26 Why choose the Property Insurance Centre
- 27 Independent broker with staff you can speak to by phone or online
- 28 Access to a wide range of insurers to source suitable insurance cover for your needs
- 29 Bespoke Insurance Schemes & Portfolio Policies available
- 30 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 31 Competitive Premiums
- 32 Cover available for the buildings while the property is being converted, renovated or extended
- 33 Over 40 years experience working with the best insurers in the UK
- 34 Excellent communication so that you understand what risks you are insured against
- 35 Why choose the Property Insurance Centre
- 36 Independent broker with staff you can speak to by phone or online
- 37 Access to a wide range of insurers to source suitable insurance cover for your needs
- 38 Bespoke Insurance Schemes & Portfolio Policies available
- 39 We can tailor your policy to suit your exact needs to give you complete peace of mind
- 40 Competitive Premiums
- 41 Cover available for the buildings while the property is being converted, renovated or extended
- 42 Over 40 years experience working with the best insurers in the UK
- 43 Excellent communication so that you understand what risks you are insured against
- 44 Specialists in Commercial & Residential Insurance
- 45 Get In Touch:
- 46 We accept most payment types including:
- 47 UK Call Handlers & Dedicated New Business Team
- 48 Call Us on 0800 085 3761
- 49 Robert Fisher
