If you are a small business that owns inventory, equipment and/or a building you really should have commercial property insurance. This type of insurance is there to replace or repair business property that is destroyed, damaged or stolen.
The cost of commercial property insurance varies depending on a variety of factors such as: Rebuild cost Postcode Previous claims Trade carried out in the property If it is located in a subsidence or flood area If the building in an area where levels of theft and malicious damage are high Is the property close to a river – this affects the price as the underwriters will take into consideration that the river might burst its banks and damage your property Commercial Property Insurance could cost as little as £142 per annum, but this is a starting point and will be affected by the various factors highlighted.
The perils that are typically covered under this policy are accidental damage, malicious damage, theft, flood, escape of water, subsidence, storms and floods...and some more. Policies come standard with Property Owners Liability at £2,000,000 but can be increased to £5,000,000. There are also add-ons that you may require depending on the property use. For example, a landlord's contents, employers liability, terrorism, and legal expenses. It is of the utmost importance to get the commercial property insured for its correct value. This means you will need to employ a surveyor.
If you own a commercial property, it is undoubtedly one of the most valuable assets that you have. So if you don't place the right type of insurance cover on it for the various eventualities, then you take a big risk. It is very important to have commercial insurance for this expensive asset so that you are covered in the event of unforeseen incidents including floods, subsidence, fire and a number of others. The first step to getting commercial property insurance is to contact our team who will be able to help you. Additionally, you will need to appoint a building surveyor who will be able to evaluate how much the property should be insured for – as the last thing you want to do is underinsure your asset.
Commercial Property Insurance is for landlords who rent out their property for commercial use such as offices, shops, pubs, restaurants, warehouses, surgeries through to a lock-up garage. As a Commercial Property Owner, you are subject to a variety of risks for the building and contents as well as from the liabilities you have towards your tenants. Rental properties by nature are at a higher risk of being damaged or repair work not being reported and taken care of. What may be ignored as a small patch of damp could, in fact, be a burst pipe slowly rotting away your ceiling and without it being reported, you could be completely unaware of an issue until serious damage has been done. Commercial Buildings Insurance can help recover the costs of repairing or rebuilding your property should an accident happen. Call us on 0800 085 3761 or contact us here to get a [...]
When a commercial property is empty, it is considered by insurers to be a higher risk. The reason you need unoccupied commercial property insurance is to ensure that your building has adequate cover in tune with this higher risk. The reasons that insurers deem unoccupied commercial properties to be high risk are: They have a higher chance of being vandalised They have a higher chance of break-ins There is a greater risk of accidental damage As the property is not being used it is more likely that it is not being checked regularly enough, which means that small damages could be overlooked and become worse. If there were to be a flash flood or a fire, there would be no one on-site to immediately notice and take the correct actions.
If you own a warehouse, restaurant, shop or any type of commercial building, you will need to have the correct insurance cover in place. Once a commercial property has been left unoccupied for 30 days the standard policy is no longer adequate and you will need to find the best vacant commercial property insurance policy available.
Not only do you need to take out this specialised policy but you will also need to take greater care in securing it. In fact, all doors and windows will need to be secured with approved locks and of course, you will need to have a good burglar alarm. Additionally, all valuables should be removed, including tools. Safes should be left empty and open. You will need to drain the water systems plus turn off the mains electricity and any other energy, such as gas. Finally, you will need to organise regular checks of your building.
