Commercial Property Insurance
See how much you can save *
- Over 50 Commercial property insurance providers
- Get a quote in minutes
Commercial Property Insurance
If you own and let a business property, you should be considering commercial property insurance. This type of insurance covers the costs of damage to your business property caused by storms, floods, and fires. It also provides coverage for damage or loss of possessions inside the building, such as computers or furniture. And it can even protect in case someone is injured on the premises.
Do you need commercial property insurance?
Commercial property should be insured in the same way homes are insured. In the event of a disaster, you want your investment to be protected so that you can rebuild or repair your property. Without this type of insurance, a natural disaster, fire or other catastrophes could cause significant financial hardship to you and put your business in danger.
Commercial insurance will help you in many ways:
- Burst pipes can ruin a property, causing long-term damage and significant costs to repair. Commercial property insurance can cover these costs, so you don’t have to pay them out of pocket.
- In the event of a fire, commercial property insurance will pay out for any losses from this. This could include loss or damage to furniture and equipment as well as damage to the building itself.
- Vandalism or burglary can also cause losses, and commercial property insurance can help you recover some of these costs.
Commercial insurance helps you get your property business back on its feet after a disaster. It’s essential to understand your coverage so that you are properly protected during a disaster.
What does commercial property insurance cover?
Commercial building insurance will cover the cost of repairing or rebuilding the property. Therefore, it offers you protection from the following:
- burst pipes
- fire
- flood
- storms
- subsidence (if previously unknown)
- theft
- lightning strike
- vandalism
What is not covered by commercial property insurance policies?
While some policies will include damage from riots, many do not. Almost all will refuse to pay out in the event of a terrorist attack or act of god. In addition, the following is not covered:
- Wear and tear
- Faulty work
- Pests
- Properties left unoccupied.
The risk of damage and deterioration to a property climbs the longer it is left unoccupied. You may need to take out additional cover to be protected if you’re not using the property regularly.
How to reduce commercial property costs
It’s possible that the cost of your commercial insurance can be reduced by taking certain safety precautions, such as installing an alarm system or updating your building’s wiring. Be sure to look into all the ways you can get discounts and ensure that you take all the necessary steps to protect your business fully.
When looking into commercial property insurance, look around and compare quotes from different providers. The handy comparison tool powered by Quotezone is a great way to drive down your insurance costs.
Are there other types of commercial insurance?
Most commercial insurance policies will have additional protections that can be added as extras. Some of these will be vital to you; some will not. How many extras you want to invest in depends on your appetite for risk. These extras may include:
- Business interruption – rental income protection case your tenant cannot suddenly cannot pay
- Property Owners Liability Insurance – pays out in the event a tenant or visitor is injured onsite
- Accidental damage cover – protects against accidental damage to the building
- Legal expenses cover – helps with unexpected legal fees
- Commercial landlord contents cover – if you provide any contents to the property for the tenant, this insurance covers their cost should they become damaged
- Public Liability – provides cover if a third party is injured or has their property damaged due to your negligence
- Employers’ liability – covers you in the case of injury or illness to an employee while they are working on your premises
Commercial property insurance is essential for any business owner or landlord who owns a business property. This type of coverage will help ensure you’re protected in case of disaster and help keep your business running in the event of unexpected losses.
The information contained within this webpage is for editorial purposes only and not intended as financial advice.
* Help2Compare.co.uk is an Introducer Appointed Representative (IAR) of Seopa Ltd. Seopa Ltd are authorised and regulated by the Financial Conduct Authority (FCA). Quotezone is a trading style of Seopa Ltd. You can check this out on the financial services register at https://register.fca.org.uk/. FRN: 313860. Seopa Ltd is located at Floor 4, Blackstaff Studios, 8-10 Amelia Street, Belfast, Northern Ireland, BT2 7GS. The insurance quote system is independently owned and operated by Seopa Ltd.