Commercial Property Insurance

Any building from which a business operates is considered a Commercial Building. Whether you own the building and your business works from it, or you’re a commercial landlord and own a building which you rent to a third party business, finding a good value insurance policy to cover that property makes so much sense.

What should I expect UK Commercial Property Insurance to cover?

Much like the types of insurance policy you have for your home, Commercial Property Insurance can often be seen in two parts – one covering the building and the other, an option to protect the contents of that building. Always shop around for policies that meet your circumstances, of course, but expect to see the costs of repair or even rebuilding the commercial property covered in events such as:

• Storm or flood damage
• Fire
• Damage caused by burst pipes

What about the contents of a Commercial Property?

Commercial Contents insurance will mean different things to you whether you are a landlord or a business owner who also owns the property.

For Landlords: Adding a contents element to your commercial property insurance policy can cover items that you have made available in the property – for example furniture, carpets or appliances.

For business owners: Commercial Property Contents policies can be arranged that will cover your equipment and stock.

Can I cover loss of revenue?

For a commercial property, the costs associated with damage to the building can extend far beyond the price of repair or rebuilding. If the premises become unusable, revenue is unavoidably going to be lost.

If you own the building and your business needs to close down to allow for building work after an insured event, then the right Commercial Property Insurance could compensate you for the lost revenue while the business is unable to trade. For this benefit, look for references to business interruption insurance on the policies that you are considering.

Alternatively, if you are a landlord of a commercial property, choose insurance that offers cover for lost rental income in the event that your tenant business has to move elsewhere after damage to the premises.

What is commercial property?

The list is a long one! Shops, Cafes and restaurants are examples, so are shops, salons, surgeries and studios. Warehouses and garages, offices and care homes would all be considered commercial property too. Remember, it isn’t so much about the type of building as what happens there – if a business is being run from the premises, then Commercial Property Insurance is what you should be looking for.

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