If you retail from a high street location, you will normally spend some money investing in the property. If you lease the premises you will normally pay the landlord a proportion of the annual commercial building insurance.
As part of the improvements you may make, this could include developments to the structure, which if you moved out, you wouldn’t necessarily take, or be able to take, with you.
For example, fitted laminate flooring, fixed cupboards, improved lighting and wiring and partitions. These are all things which many retailers will spend money on. What you need to think about is, if there was, for example a burst pipe, and your nice laminate floor was ruined, whose insurance will pay for it?
Your commercial lease will, in the vast majority (95%+) of cases specifically exclude cover for improvements you as the tenant have made to the building. You need to ensure that your shop insurance policy covers these items. It is surprising when you sit down and add up the cost, how much it would cost to put all of your tenants improvements back.
A good size (1,000 sq ft) laminate floor, professionally installed, could cost up to £5,000. There is also the potential interruption to your business.
There are two things to do. First, ask your landlord who is responsible for tenants improvements. And secondly, if it is you, speak to your business insurance broker to ensure that you have adequate cover on your policy.