If you are responsible for taking care of business premises then investing in Commercial Property Insurance can help you protect your investments from a whole range of insurance risks.
Swinton Business makes arranging Commercial Property Insurance as quick and easy as possible. Our experienced team can offer a straightforward quote which offers protection for all your commercial property business needs including the following:
With Swinton Business, you can also protect any contents you leave in the property from theft or damage. In addition, you can cover yourself against loss of rental income from tenants who default on the rent up to a maximum of £2,500 per month.
Swinton Business makes organising Business Insurance as quick and easy as possible
Still unsure about what Commercial Property Insurance covers? We’ve pulled together a list of frequently asked questions and answers to help you make more sense of everything.
Commercial Property Insurance takes into account trade premises and can include accommodation as well as shops, offices and other types of business premises. This type of insurance helps to protect your property portfolio from damage caused by fire, vandalism, burst pipes or electrical faults.
You would need Commercial Property Insurance if you operate a business from any premises you own or rent. That could be anything from a shop to a factory.
Commercial Property Insurance can include Buildings and/or Contents Insurance, Accidental Damage Cover and Property Owners’ Liability Insurance. Optional separate policies can be taken out for Landlords’ Legal Protection and Landlords’ Rent Guarantee if required.
Building Insurance covers the cost of rectifying damage caused to your premises by fire, storm and escape of water. As well as providing cover for your building, most Building Insurance also protects fixtures and fittings such as blinds and curtains, carpets, skirting boards and built-in units.
Commercial Property Building Insurance is calculated in the same way as home buildings insurance taking into account risk factors such as the size of property, post code, buildings material. The Royal Institution of Chartered Surveyors (RCIS) provides a building cost information service (BCIS) that provides guidance around building costs for commercial properties and houses and flats.
Commercial Building Insurance is not a legal requirement but your mortgage lender is likely to make it part of your mortgage agreement. If you own a lease then this will most probably confirm that you do need to have Building Insurance to ensure your property is covered against any risks.
It’s the landlord’s responsibility to ensure a commercial property has Building Insurance. However, this is not a legal requirement. Whether you are a landlord or a tenant, it’s worth checking that Building Insurance is in place and your assets are protected.
Fixtures and fittings are usually covered as part of a Building Insurance policy. Business Contents Insurance covers the cost of any valuables that are damaged on your business premises. Items might include PCs and laptops, IT server equipment and business furniture. Business contents cover will help pay for the cost of replacement items.
As a property owner, you may find that accidents happen on your premises, causing injury to your tenants or members of the public. Public Liability Insurance will help you to cover the cost of any damages or legal fees you many need to pay out should a claim be made against you or your business.
Employers’ Liability Insurance is a legal requirement if your business employs one or more people, including short term staff and contractors. It is designed to protect you against any compensation claims that an employee may raise due to injury or illness they’ve suffered whilst working for you and your business.
If an accident occurs that is not the fault of the tenant, i.e. a leak from a burst pipe, damage caused by crime, or due to something not being repaired, then it’s the landlord’s responsibility to pay for the repair or replacement of damaged items.
Add accidental damage to your Commercial Property Insurance policy to protect your business property and contents against accidents such as spillages or breakages. You’ll need to accurately estimate the rebuild cost of your building and replacement cost of your valuables so you can recover the full cost if you need to make a claim.
Normal Buildings Contents Insurance is different to Landlord Insurance because standard buildings policies are designed for properties that are lived in by the policy holder and their family. From an insurer’s perspective, the risk would be greater as if you are not living at the property, as the tenant would likely not show the same care as if it is their own home. Usual Building Insurance would likely be voided if you are found to be renting out your property.
If your immediate family are living in the property, not paying rent and do not have a tenancy agreement in place, then a normal household policy would be sufficient, otherwise you would need Landlord Insurance.