As a Commercial Buildings Insurance Broker I was approached recently to provide a quotation for a commercial tenant. They believed they were being charged over the odds for their insurance by their landlord.
Commercial Buildings Insurance covers the cost of repairing or rebuilding your business premises if damaged or destroyed. It covers you against risks such as fire, flooding, theft and escape of water.
Who should purchase Commercial Buildings Insurance?
If you rent your business premises, Buildings Insurance is your landlord’s responsibility. However it is not unusual for the tenancy agreement to state that the tenant cover the cost of this.
As a result of this landlords often make their tenants pay the premium without much say. Therefore as a tenant it is wise to look around as you might find a better deal.
Indeed, in the case of our recent client, their suspicions were confirmed. Our team searched the market and were happy to provide them with a like-for-like quote. It was actually from the same insurer they’d been offered but with a significant saving to the premium.
It just goes to show that if you’re a tenant of a commercial building, it doesn’t pay to just roll over and accept the premium being offered to you by the Landlord or his/her provider.
Ultimately of course we find that the Landlord has the final say, but this doesn’t mean you should pay a premium that’s not competitive in the market, so long as the cover is correct.
If you’re unsure about the cover that you need it can may help to speak to an experienced Property Insurance Broker and they can take a look at your situation.
We are Experienced Commercial Buildings Insurance Brokers
Call us for a no-obligation quote and review, we can help you ensure you’re correctly protected as well as identify areas for potential premium savings.
Evans Insurance Brokers – Property Insurance Brokers in Essex.