Commercial properties come in all shapes and sizes and whether occupied as a Shop, Office or Factory, the key insurance for a property owner to arrange, is cover for the Buildings.
Most Commercial Property Owner insurance policies will automatically include the main perils such as damage caused by a Storm, however, perils like Accidental Damage and Subsidence may need to be specifically requested. Our qualified advisors will be pleased to discuss your individual requirements to ensure that you have the right cover in place.
Extending cover to include Terrorism insurance should be considered. This would provide cover for damage caused to the property as a result of a terrorist act.
In some instances it is the Tenant that has a responsibility to insure the building. The lease agreement may well specify what needs to be insured this could include cover against Terrorism.
Selecting the correct reinstatement sum insured is essential.. Sadly at the time of a property damage claim many commercial properties are found to be severely under insured.
Property Owners Liability is a must have cover and a limit of indemnity of not less than £2m should be selected. The number of claims for slips and trips continues to rise and the cost of defending these types of claims is increasing too.
If you have any queries, contact us today to discuss your individual requirements.
As a Commercial Property Owner the rent that you receive from your tenant is an essential part of your business.
Commercial Property policies do not as a rule automatically provide cover for any loss of rent following damage by an insured peril. This essential cover needs to be specifically requested. When arranging cover consideration should be given to the time it will take to find a new tenant and not just the time it will take to reinstate the property.
Commercial Legal Expenses insurance is a valuable additional cover. Legislation concerning your property rights including access and possession are complicated. In the absence of a Legal Expenses insurance policy you may find it expensive to enforce your legal rights.
Many insurers don’t like insuring vacant properties, especially if the period of unoccupancy is likely to be long or if the property is due to undergo an extensive refurbishment programme.
Happily there are a number of specialist insurers who will consider such properties and Be Wiser’s professional advisors will be able to advise you on your specific insurance needs.
The Commercial Property Owner insurance market is highly competitive, but not all policies are alike. Our advisors are here to help.
Our qualified advisors are able to source competitive quotes from a number of leading insurers with the minimum of fuss – we can even provide quotations direct from our website.