Commercial buildings insurance
Who it’s for
If you own (including if you have a mortgage or other finance) a business building or property and rent this out to a commercial and/or residential (domestic) tenant, or if the building is owner occupied (by a business). Then you need a commercial building insurance quote.
Also, this cover is available for blocks of flats or individual flats.
If your commercial building falls into the above categories, you will be able to get a property owners insurance quote.
This policy may also be called a buildings, let property or commercial property insurance policy.
Why it’s important - examples
Most UK commercial insurers offer a commercial or business building insurance policy. These types of policies can cover buildings that are 100% commercial or a mix of commercial and domestic (ie shop on the ground floor with flats above).
A property owners policy is also suitable for purpose built flats in a block or a converted house where a management company or resident association, owned by the individual occupiers of the flats, need to arrange a policy for the whole building.
This can also be called business building insurance.
Commercial property owners insurance policies can include cover for buildings (bricks and mortar), fixed glass (including sinks and mirrors), landlords contents, contents of common parts (ie communal hallways), loss of rental income (received or payable), the cost of alternative accomodation and property owners liability.
How businessinsure can help
As an independent business insurance broker, we have access to a range of commercial insurance companies. We can provide instant quotes for most types of commercial buildings. We do require certain basic information, you can usually find most of this in your existing insurance schedule if you already have a policy in force.
Portfolio, multi-location or umbrella policies are also available if you need to cover more than one property.
Interest free monthly instalments are available in most cases.
Whatever type of cover you have, or need, give us a call today.
More information
Commercial building
Commercial property
Business building
Unoccupied commercial property, all types of empty buildings, even those that have been empty for a number of years.
Blocks of flats
For all types of building, whether tenanted or owner occupied.
Commercial property, commercial building or business building insurance policies are very similar to a house or home cover. The basic protection is for the structure of the building, the walls, floors, roof and all fixed wiring and plumbing, including satellite dishes and aerials.
In addition to the buildings, you will be able to buy additional cover, such as:-
Contents – this is for your (landlords) contents in the building. For example, if you let the building furnished, you will own the contents (not the tenant) therefore you are legally responsible for insuring them. Even if the property is rented unfurnished, you may still need to insure carpets, curtains and white goods in the kitchen.
It is important to note that legal precedent has been set that carpets, unless they are 100% glued to the floor are to be treated as contents.
Property owners liability (or public liability) – this is if a member of the public or any other third party, is injured as a result of visiting, or being in the proximity, of the building. This will include a slate falling of roof, someone slipping on a loose paving slab or someone’s hand going through a glass door (if it closes too quickly). You would be surprised by the number of claims that can occur under this section. The main problem is, that if you have a P.O.L. claim, it is normally for bodily injury and these claims, whilst rare, are never small. Legal costs, which your policy will need to pay, can also add 25% to the cost.
Any action for legal liability can be made up to six years after the event. If you are made aware of any type of injury that anyone has suffered, you must notify your business insurance broker in the first instance.
Loss of rent – if the building suffers a fire or flood (or other insured peril), then you may lose your tenant whilst the repairs are undertaken. In this scenario, the policy will pay out on the rent you will lose. Be careful though to check that the indemnity period if sufficient. If your building is likely to take more than a year to rebuild (if it were totally destroyed) make sure you have an indemnity period of 18, 24 or 36 months.
You will need to prove, for example, the rental income that you have received over the past three months and any other period the insurers may request.
As with all quotes, you need to discuss your requirements with a broker. Do not fall into the trap of visiting a site that “offers” to compare business insurance. You do not receive any advice from these sites, a broker will give you this for nothing!
Quoteline: 08456 024 589 (local call rates apply)