Commercial buildings insurance
Who it’s for
If you own (including mortgaged) 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 property insurance package. A property owners policy is also suitable for flats in a block or 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. If you are not living in a single property yourself, then you need to look at commercial 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 or expenditure, 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.
More information
Commercial building
Commercial property
Business building
Unoccupied commercial property
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 mays still need to insure carpets, curtains and white goods in the kitchen.
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.
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.
As with all commercial insurance quotes, you need to discuss your requirements with a business insurance broker.
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Quoteline: 08456 024 589
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