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Commercial Property Insurance
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What can I cover under commercial property owners insurance?
If you are looking for a comprehensive commercial property insurance cover then you will want to look at the following.
- Buildings cover
- Loss of rent
- Landlords contents
- Employers liability
- Fire and theft
- Owners liability
All the above are important covers for commercial owners which can be included in your commercial property insurance.
What do insurance providers factor in when taking out commercial property insurance?
- Location – If you have a property in the middle of a city with good fire protection, these typically cost less to insure because there is less risk of fire spreading as quickly as someone who has a commercial property in the middle of nowhere.
- Construction of the property – If you have a building made of highly flammable or combustible material then this will increase the cost of your insurance and may not get your building insured at all. If you have a Building made of fire resistible material this could get you savings on your insurance.
- Occupancy – What is the building being used for? Is it just an office or is it a restaurant. The higher the risk of fire or damage the more expensive again those premiums are going to be.
- Systems in place – Do you have sprinklers or fire alarms around the building. Have you got an up to date and working security system.
What Buildings do insurance providers class as commercial properties?
- Unoccupied Properties
- Block of Commercial Flats
- Restaurants
- Retail Warehouse
- Shop
- Shopping centre
- Warehouse
- Mansion
- Offices
- Flats
- Converted flats
- Purpose Built flats
- Industrial unit
Extra Protection
Additional Cover Options
Property Owner Liability
Property Owners’ Liability Insurance will enable you to meet any costs and damages awarded to a member of the public if they suffer an injury following an accident on, or linked to, your premises
Accidental Damage
This offers cover if your tenants accidentally damage your building or contents – if someone knocks a hole in the wall when putting up a shelf, for example.
Commercial Landlord Contents Cover
Commercial landlord contents insurance covers the furniture, fixtures, and fittings provided by the landlord in a commercial property.
Professional indemnity insurance
Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered
Employers’ Liability Insurance
Covers the costs of employee claims for illness or injury caused by their work due to employers’ negligence
Public Indemnity Insurance
Public liability insurance can cover compensation claims if you’re sued by a member of the public for injury or damage
Your Answer
Frequently asked questions & searching answer.
Why is it important to have the correct Commercial Property cover?
With good Commercial Property Insurance comes peace of mind and it’s worth remembering that having insufficient insurance for your property is illegal.
What add-ons are available to enhance my Commercial Property Insurance?
Property Owner Liability: Property Owners’ Liability Insurance will enable you to meet any costs and damages awarded to a member of the public if they suffer an injury following an accident on, or linked to, your premises
Accidental Damage: This offers cover if your tenants accidentally damage your building or contents – if someone knocks a hole in the wall when putting up a shelf, for example.
Commercial Landlord Contents Cover: Commercial landlord contents insurance covers the furniture, fixtures, and fittings provided by the landlord in a commercial property.
Professional indemnity insurance: Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered.
Employers’ Liability Insurance: Covers the costs of employee claims for illness or injury caused by their work due to employers’ negligence.
Public Indemnity Insurance: Public liability insurance can cover compensation claims if you’re sued by a member of the public for injury or damage
How do I reduce the cost of my Commercial Property Insurance?
Reducing the cost of your Commercial Property insurance is possible with a few considerations. Here are a list of things for you to think about when trying to find cheaper Commercial Property insurance;
- Use us to shop around to compare different Commercial Property insurance quotes from many insurance providers.
- If possible, pay up front to save even more money.
- Cut additional cover if you have any – policy add-ons come at a cost but its important to make sure you are correctly covered.
- Increase your voluntary excess – insurers will then pay less towards any claims, but this is likely to reduce your premium price.
Do I Need Commercial Property Insurance?
Yes, Commercial Property insurance is a legal requirement for all those who own commercial properties. without insurance is a serious driver offence so be sure to get at least the very minimum.
Will any insurance claim increase my insurance premium?
Any Commercial Property insurance claim will increase your premium.
What types of Commercial Property Insurance can I purchase?
The three primary coverage options available are: Basic form insurance: Provides the most limited coverage. Broad form insurance: Offers intermediate levels of protection. Special form insurance: Offers the most comprehensive protection
What details do I need to provide to get Commercial Property Insurance?
- Your personal details – name, date of birth, address, marital status, job title.
- Your bank details – Required if you are setting up a direct debit to pay your premiums monthly.
- Claims history – Your insurer must be made aware of all incidents involving your property.
- Details of your property – Your insurer must be made aware of all the information needed in our quote form to provide you with a quotation.
How can Try Compare help you to get cheaper Commercial Property Insurance?
Try Compare will connect you with a variety of Commercial Property insurance brokers that can give you a quotation for your Property in just a few clicks.
What is an insurance policy excess?
An insurance policy excess is an amount you pay in the event of a claim. This amount is deducted from the amount your insurer puts towards the rest of your insurance claim, should it arise. If you opt for a higher excess, your insurance will typically be cheaper as the insurer won’t need to put as much toward a claim, again, should it arise.
Try comparing insurance with differing excess policies to see the differences you could get with your quotes.