What other cover might I need?
Commercial building insurance cover falls under the umbrella of business insurance – a policy that helps to protect your business from the most commonly encountered (and financially pressing) risks. Alongside commercial property cover, you may like to take out:
- Public liability – to deal with claims for third-party injury or personal property damage that occur within your premises.
- Commercial contents – which covers the cost of repairing the belongings within your premises if they’re destroyed or stolen.
- Accidental damage – if you or your tenant cause accidental damage (for example, driving a nail into a water pipe when putting up a shelf), this cover deals with the cost of repairs.
- Professional indemnity – which deals with claims pertaining to advice or services given to a client that they claim led to a financial loss.
- Employers’ liability – a cover required by law if you hire employees (even on a part-time basis).
- Business interruption cover – compensates you for loss of earnings attributable to building damage. It’s also useful if you’re a landlord and rent out your building. Damage could mean your tenants are forced to leave, losing you the rental income. This type of cover is ideal for safeguarding your finances in this scenario, allowing you to maintain your income while repairs are carried out.
What is the cost of commercial property insurance?
An insurer will consider several factors when calculating your premium, including the location, size, age, and current value and rebuild value of your property. They will also consider the nature of your business, the security of the premises, the excess you’re willing to pay, and the level of cover required.