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Having commercial property insurance is the responsibility of the property owner if a business operates from those premises. This includes property that has a small store on it up to a mega factory. If commerce is conducted out of the brick and mortar building or online, this type of financial protection is needed in case of an event like a fire, flooding, vandalism, storm damage and theft to name a few. This type of policy is also referred to as commercial landlord insurance. If you have more than one property we can also provide you with multiple quotes for multi property landlord insurance.
A commercial property insurance policy has two components to it. These two areas include building cover and content cover.
Building cover protects the physical structure and components of the building itself. Areas protected in most standard policies for the physical structure include the following;
Content cover protects the items placed in the building to help commence to occur. This cover must be taken out by the owner or operator of the business which might or might not be the owner of the building. Content includes the following;
For those building owners that lease out their building for commercial use, commercial landlord insurance is the appropriate cover. This will include both building cover along with landlord content cover. This makes it possible for repairs to be made to the structure and any items you add to help sell the units to clients.
The most common add-on is public liability cover. This is financial protection if a third party files a claim with the courts that they were hurt or their property damaged on your property. The level of protection can be from £1 million to £10 million.
Equipment breakdown cover is another valuable cover to help keep a building and landlord’s property maintained so an organization operates their business. This will include repairs to the HVAC system, hallways, stairs, electrical system and other pieces of equipment essential to keeping the building safe and in usable condition.
By enlisting the help of experienced commercial property insurance brokers is the known path to follow to know what is available in your area in terms of cover. The brokers can match up your needs with the available policies from more than one insurance firm to give you a choice in what protection might fit both your needs and budget.
Going it alone in searching for the right commercial property insurance to fit your needs is an option, but the process will be time consuming and you might not find all the options available to you. By asking for help from one of the many professional commercial property insurance brokers, this process will be accomplished in a significantly less amount of time. These brokers can also answer any question you might have about the policies to help sure you get what you need.