If you are an owner of a Property which a business operates in, even if it’s your own business or one that you let out to tenants, it is usually described as Commercial premise and yoiu will need commercial property insurance.
Most Commercial Property owners are exposed to a number of different risks, this could be because they rent the Property to tenants and face issues of loss of rent, or they are running the premises themselves.
Getting cover for your Commercial Property
There are many different Insurance companies offering comprehensive Commercial Property Insurance products including covers such as:
- Buildings Insurance
- Contents Insurance
- Loss of Rent
- Alternative Accommodation
- Property Owners Liability
- Landlords Legal Expenses
- Tenant Disputes
- Rent Recovery
Your Commercial Property will most likely cover the buildings Insurance, which should cover the rebuild or repair of a Property.
What to look for in Commercial Property Insurance
It is important to make sure your Commercial Property Insurance is tailored to your individual needs, here are just a couple of examples of things you might want to look at:
- Make sure you describe accurately the type of tenant in the Property, it is important that your insurers are fully aware of the type of business going on in Property as this could have a big impact on the price you pay and type of cover
- Check your sums insured, particularly the buildings sum insured, this should reflect the rebuild cost
- Check that your rental income is insured and for an appropriate time frame for example, some Properties may take longer than 12 months to rebuild or reinstate and so it may be prudent to select loss of rent cover which pays up to 24 or 36 months depending on the time taken to reinstate the Property to a point where tenants can move back in.
Commercial Property Insurance for all Property types
If you occupy your own Commercial Property, you may be more interested in insuring the building along with any business assets you may have, so that they’re covered if anything were to happen to them.
If you rent your Commercial Property out, you may be exposed to different claims such as liability to your tenants or loss of rent due to insured damage.
If your Property is empty, you may want to consider taking out a specialist policy which is regularly referred to as Unoccupied Property Insurance or Empty Property Insurance.
If your Property is only going to empty for a short while, you may need to look at Empty Property Insurance Short Term which will provide you with the cover you need until the Property is occupied.
Polices are available from 3-6 months or you can take out 12 months and cancel when you no longer need the cover.
Be sure when you are arranging your Commercial Property Insurance you look at a policy that is specific to your circumstances and needs.
If you would like us to talk you through Commercial Property Insurance, or would like a no obligation quote feel free to get in touch with us. You can contact us through our live chat or call us 01708 289 525