Commercial Property Insurance
Commercial Property Insurance for commercial landlords, commercial property owners and cover for multiple properties for small businesses, shops, offices, restaurants, cafes, fast food takeaways, family owned businesses for buildings and contents insurance, public liability insurance, loss of rental income insurance and business equipment insurance.
Commercial property insurance is the name given to a multitude of insurance policies and options that grouped together provide cover for a business, commercial insurance is for any size business but not for personal use, if you receive payment from your activities in connection with the building then itís commercial insurance your need rather than private or domestic insurance.
Commercial property insurance can be for one property or multiple properties, if you own a portfolio of business premises, flats or houses that you rent out then multiple property insurance will be ideal as you can have all properties listed on the one insurance policy this makes the insurance cheaper and also easier to manage as you donít have to worry about renewing several different insurance policies.
Several Properties In An Office Block
As an example, if you own several properties in an office block or the entire office block you can use commercial property insurance to insure the flats (Block of Flats Insurance), apartments, shops or offices within the block.
Office insurance can include building insurance to insure the building your office is located in against fire or flood or a range of other accidents, so that if there is a need to claim, for example you have a fire which results in the need to claim on your insurance you might be claiming for redecoration costs or for structural work or indeed the cost of your office to be completely rebuilt, itís your building insurance that would allow you to claim for damage or destruction to the building.
Your also need contents insurance and business equipment insurance for your commercial property, the contents insurance will cover things like tables and chairs whilst the business equipment will cover claims against machinery and computers, donít think that because your office or workshop machines are part of the contents of the office that you can claim on your contents insurance, expensive machinery requires its own business insurance as there will be a limit to the amount of money you can claim for any one item on contents insurance.
Commercial Landlord Insurance
Commercial Landlord Insurance is used when your renting out your property to a business, the property should be rated for a business and not a private dwelling, your need to insure the property for damage or destruction and if the property is furnished as an office for example then youíre want contents insurance, if the office is unfurnished then the business tenant will be responsible for the contents insurance, note that if the business premises comes with business equipment for example you are renting out a workshop and the workshop comes with car lifts, air compressors and welding equipment then your need your own business equipment insurance to insure your equipment, if on the other hand the equipment will be the property of the tenant then they will be responsible for their own business equipment insurance.
The building insurance will cover things like fixtures and fittings so if a window is broken or the central heating system is damaged youíre be able to claim on your business insurance for its repair or replacement.
Commercial property cover will include building insurance and contents insurance, this will insure you against costly repairs to the structure of the building caused by flood, fire or vandalism or damage to the contents of the building for example a flood or theft that means you have to replace office equipment like tables and chairs, note that business machinery will need its own insurance and your office contents insurance will place a limit on the amount you can claim for computing equipment for example.
As a shop owner, your need retailer insurance this will insure not only the building against structural damage, fire and flood and other risks that can cause damage to the building but your also need stock insurance so that if your stock is damaged by fire or flood, not just floods from a river bursting its banks for example but flooding from leaking pipes (Plumbing and Drainage Insurance) if for a moment you thought not having your premises next to a river meant that this cover was less important to you.
If your stock is damaged then your need to replace the stock and with so much of the companies money tied up in stock, the company would be at a huge disadvantage if you had to replace your own stock without being able to claim on your insurance, if you have business loans then you might find that the requirement of the loan is that the business equipment and stock is insured, this prevents the money you have been given for your business from being used to replace stock and machinery for which you should have insurance for.
If your business sis a restaurant, cafť or fast food or takeaway business your need liability insurance as part of your commercial insurance, you can include different insurance polices under one commercial insurance policy so for example you can have public liability insurance to protect you against claims from your customers for food poisoning or if youíre a workshop for example a gas explosion (Gas Boiler Insurance) causing damage to neighbouring properties and potentially even injury and death to the public.
Shops, Cafes, Restaurants And Fast Food Takeaways Need Insurance For Their Stock
Itís not just shops with stock that customers might purchase that need insurance for their stock, cafes, restaurants and fast food takeaways also need insurance for their stock which might include meals already prepared like a sandwich shop with pre-prepared sandwiches or a restaurant with large amounts of food stock ready to cook.
With a commercial property portfolio, you can insure all your properties on the same insurance property, you might have a chain of restaurants and rather than having to insure each restaurant separately you can insure them all on the same policy which will be cheaper and easier to manage as for example there is only one renewal date and you can add more premises as you add to your portfolio or remove some premises if you sell it.
Surgeries will need public liability insurance that they might want to include as part of an overarching commercial insurance package for example a dentist surgery will want to include professional indemnity insurance for any claims against them from treatment and a beauty salon would want liability insurance for any claims of injury from their clients.
Business Buildings Cover For The Self-Employed
With business buildings cover for the self-employed, youíre want business insurance for the premises you use for your business, as your self-employed you wonít need any employment liability insurance unless you employ someone else as part of your business.
Commercial property insurance for tenants is only required where the landlord is not providing sufficient insurance coverage or indeed not communicating to the tenant what insurance cover is available, the landlord might have insurance which the tenant can use and meets their requirements of the landlord might not have insurance suitable for the tenant, even if the landlord does communicate with the landlord and getting the landlord to make a claim on your behalf or provide details of their insurance might be difficult.
In these situations itís worth the tenant having their own insurance as the tenant can insure for risk that is important to them which will include insurance for damage to any machines used at the business address or computers used as well as liability insurance needed due to the nature of the business, for example if the business is a workshop dealing with noxious chemicals then sufficient liability needs to be purchased that the public are not at rick and the employer has employers liability insurance.
If youíre a family business you still need commercial property insurance, even if you are running your business at home with your family, the fact that itís a commercial endeavour means that your need commercial insurance your standard domestic house insurance will be invalid when the home is used for business purposes and any claim on your domestic policy for a business claim is likely to be refused.
Property insurance will cover the cost of repairing or rebuilding your business premises so if for example a gas explosion caused by faulty welding equipment n causes structural damage to your building youíre be able to claim on your insurance and if the insurance pays out the claim will be to replace your entire building if it has to be levelled to the ground and rebuilt.
Commercial insurance can include different types of insurance in the example above where a gas explosion causes structural damage to the building you would also need contents insurance, commercial equipment insurance, public liability insurance and employerís liability insurance to cover the cost of the resulting claims from the public in neighbouring properties, passers-by or claims for compensation from your own employees.
Protecting Your Ability To Make Future Earnings
With commercial insurance, your protecting your ability to make future earnings as without premises your business is unlikely to be able to continue to trade and could very well go bankrupt, if you have a mortgage on your business premises the commercial mortgage will probably specify that you have buildings insurance so that any damage to the building can be claimed for on the insurance policy.
If your renting out your business premises you can insure yourself against loss of rent, you might not be able to receive your rent for several reasons, for example the business that was renting your property and agreed in a tenancy agreement to pay the rent for one year might go bankrupt before the end of the year, youíre then be able to claim on your insurance for the months of unpaid rent, this insures yourself against adversity where your tenants failure to pay does not impact your own business.
As a commercial building owner, your insurance can be a mixed property portfolio of commercial and residential, you can still insure all your properties on the one insurance policy, your insurance will be cheaper when compared to individual insurance policies as youíre get discounts for having several properties under the same portfolio insurance.
Commercial Equipment Cover
Getting an online quote for commercial property insurance is easy as once you enter your name and the details of the property you can choose the additional extras you need like commercial equipment cover, liability cover and legal cover, then when you have the quote and pay the first monthís premium you will be insured, its ideal if you need insurance quickly or want to specify a specific start date to take over for a previous insurance policy.
With legal cover, any legal documents you need to have prepared by a solicitor, that you might need to engage to handle a court case, can be claimed back on your insurance, without legal cover anyone taking you to court for example a neighbouring building owner who claims that your flood damaged their building then youíre be able to claim on your insurance for all legal expenses you have incurred in representing yourself in court.
Commercial property insurance will allow you to claim for any damage to your property or any liability that your business activities cause, you can bundle several different insurance types with your building insurance to get the cover you need, to make your commercial property insurance cheaper donít include insurance options that you donít need, the online quote will offer options like increased public liability which you may or may not need, for example if your commercial property is in a block of other properties your need more liability cover than if your business premises are not surrounded by other buildings, thatís why for example fireworks companies are often situated on their own without any surrounding properties as the additional cost of liability insurance would be too high.
Use an online quote form from a specialist commercial property insurance company and youíre get not only the cheapest deals but comprehensive insurance from specialists where high street insurance will not be able to offer you the same level of business knowledge.