What Is Commercial Property Insurance?
Commercial property insurance is a specialist form of cover for commercial landlords. Tailored policy offer protection for an array of business properties let to commercial tenants from office blocks, retail premises, industrial or factory units.
Commercial Buildings Insurance – What Do I Need?
The core cover provides reinstatement of the building itself following an insured peril such as a fire, theft or flood.
As well as property cover, policies can be extended to cover legal liabilities as a commercial landlord such as property owners liability or employers liability should you employ the services of maintenance or property management staff.
Other recommended extensions include loss of rent (following an insured loss), terrorism and legal expenses.
Compare Commercial Property Insurance Online
As a specialist property insurance broker Insync has access to a panel of the UK’s leading commercial property insurers including AXA, Allianz, Ageas, Aviva, LV= and Zurich. You can compare tailored cover online in minutes, either for a single property or multiple risk addresses.
Alternatively, why not arrange a free review with one of our property insurance advisors who can help you find the right level of cover at the right price.
Commercial Landlords Let Property Extended Covers
In addition to the commercial buildings, you may require cover for any landlords contents, such as in communal, reception areas or provision of meeting rooms as well as any items in gardens or car parks.
Property owners’ liability, terrorism, loss of rent and legal expenses should also be considered.
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Commercial Property Claims Example
Tenant reported a 10 fold rise in their water bill. On further investigation it was discovered that the underground services to the property had been damaged.
Insurers engaged specialist contractors who needed to replace 30 metres of pipe, digging across the property car park. Total claims costs in excess of £35,000.
How Much Should I Insure My Commercial Property For?
The buildings sum insured for business premises should be based on the reinstatement / rebuilding cost of the property. This will depend on the construction method used, location and access to the property.
All of these variables can be difficult to calculate and you should seek the services of a professional valuation surveyor, suitably qualified by the Royal Institute of Chartered Surveyors (RICS).
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