About Commercial Property Insurance?
For small business owners, the enterprises they’ve developed are so much more than a source of income. They are, in many ways, the owner’s life. Their livelihood and reputation are intrinsically tied to their operation’s success. And when unfortunate circumstances befall the business that they’ve worked tirelessly to develop, the personal and organisational consequences can be dire. That’s why it behoves savvy entrepreneurs to ensure that every aspect of their operation is covered.
And unless you’re one of the lucky few who has managed to build a thriving business from the comfort of their own home office, that means finding the right kind of cover to protect your commercial property. The good news is that there are a plethora of providers and policies to choose from. But knowing more about this form of insurance (and your own needs) can help you to make more informed choices as a buyer.
Here we’ll answer some of your most commonly asked questions about commercial property insurance…
What is Commercial Property Insurance?
It is designed to protect businesses in the event of damage or loss as a result of theft.
It is designed to protect the assets owned by a business and stored within a commercial property. It is designed to protect businesses in the event of damage or loss as a result of theft, vandalism or other circumstances (which we’ll get into later).
There are some other policies designed to protect the interest of the commercial property’s owners (the business’ landlords). These policies are also referred to as commercial landlord’s insurance. These are often liability insurance policies which compensate third parties in the event of injuries incurred as a result of property damage or through lack of due maintenance.
However, for the purposes of this article we’ll be focussing primarily on the former, although we will touch on the latter, too!
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What is Commercial Property Insurance Cover?
As in all insurance matters, cover may vary greatly depending on your policy and provider. This is why it’s so important to establish your business’ needs and shop for the right policies accordingly. While you certainly don’t want your business to grind to a halt as a result of lost or damaged parts of your business’ infrastructure. At the same time, however, you don’t want to be lumbered with an overhead expense that provides you with more cover than you need.
Who Pays Building Insurance On Commercial property?
While the business (tennant) is liable to protect the commercial property’s contents through
their commercial property insurance policy, in most cases the building’s owner
(landlord) is responsible for paying the building insurance.
Once again, individual policies and providers may vary but the landlord’s insurance for a commercial building will usually cover:
How much does commercial property insurance cost?
Of course, the most common question among business owners when it
comes to commercial property insurance is the same as
when it comes to any overhead expense…
Now that you know a little more about commercial property insurance you’re ready to start reaching out to providers and getting a policy that’s tailored to your unique needs.
UK’s Number One Business Protection Specialist.