If you’re a landlord, you’ll need to protect your investment against the unexpected. That’s especially important if you own a commercial property such as a shop or an office.
Thankfully, that’s where Swinton can help. We work with a panel of carefully selected insurers within the UK, which means we have the flexibility to cover a range of property types and values to find you a policy that meets your needs, at a price that fits your budget.
What is Commercial Landlord Property Insurance?
Commercial Landlord Property Insurance is similar to normal house insurance that most people are familiar with. You’ll need to protect your building and any contents that you include as part of your tenancy
In addition to risks such as fire and flood, landlords of commercial properties are also liable for any injuries or damage that occur on your property. That’s our commercial property policies includes landlord liability insurance (also known as property owners’ liability insurance). It covers you for compensation claims in the event one of your tenants or a visitor is injured due to an issue with your property.
What is defined as a commercial property?
A commercial property can be defined as one that generates some form of income for the owner. This could be an office, workshop, restaurant or even a residential property that’s rented out.
Types of commercial property include:
- Buy-to-let housing (single or portfolios)
- Cafes and restaurants
- Pubs and bars
- Industrial (e.g. factories)
- Storage and distribution (e.g. warehouses, depots)
How much does Commercial Landlord Property Insurance cost?
There are several factors that determine the final price of your Commercial Landlord Property Insurance. Your quote will depend on:
- Location — Properties located in large cities like London will likely have a higher rebuild cost or building value than those in smaller towns. Insurance costs will likely be higher as a result.
- Construction materials — Landlords who own property built with non-combustible materials will usually get a lower premium because there’s less risk of fire damage. Be aware that the interior of a property can affect the
premium (e.g. furniture without fire- resistant coating).
- Business use — How the building is used will also affect what you’re quoted. An office building will usually present a lower risk than a restaurant or factory, meaning your insurance costs would likely be lower.
- Occupancy — The perceived risk of a commercial property can be significantly impacted by even just one hazardous occupant. For example, offices sharing a block that also houses a restaurant can expect to pay more for their insurance.
- Additional security measures — A building with added fire protection and security alarms is more likely to secure lower-priced insurance.
Do landlords need Commercial Landlord Property Insurance?
While Commercial Landlord Property Insurance isn’t a legal requirement it is still highly recommended to protect you and your investment should the worst happen. Like home insurance, it protects you from significant financial loss in the event that
your property burnt down, there was extensive flood damage or you faced a hefty compensation bill for injury or death of a tenant.
It’s also worth noting that some lenders will require property owners to have commercial buildings insurance as part of the mortgage agreement. If you own your commercial property and you don’t have insurance, you may be violating a clause of your agreement.
What does Commercial Landlord Property Insurance cover?
Commercial Landlord Property Insurance covers you for far more than just your premises. A policy from Swinton Insurance can include coverage for the following:
- The building itself (from fire, flood and vandalism)
- Fixtures and fitting and contents that you own and are included as part of the tenancy
- Fencing and landscaping on your property
Why choose Swinton Insurance?
We work with a panel of carefully selected insurers within the UK which means we have the flexibility to cover a range of property types and values to try to find a policy that meets your needs, at a price that fits your budget.
Types of commercial properties we cover
Pubs and restaurants often have complex insurance needs, meaning you face more investment risk without the proper insurance policy in place. Our expert team work with you to ensure your property is fully protected should the worst happen.
Getting a quote with Swinton Insurance
Just give us a call on 0333 035 9524 and we’ll take you through our simple quote process:
Tell us about your property
We want to know all there is to know about the property you’re looking to insure, from the year it was built to its rebuild value. If you have multiple properties you want to include on your policy, we’ll need all the details for each of them.
Tell us about you
Let us know your name, date of birth, and your history as a landlord, including any claims you’ve made in the past.
Tell us how your property is being used
We’ll need to know about what kind of business your property is being used for and who runs it, as well as any fixtures, fittings and contents that are included by you as part of the tenancy.
We’ll then present you with a product that meets the needs you’ve shared from our panel of carefully selected insurance partners.
Other insurance products for landlords
Landlord Legal Protection
Even the best landlords can find themselves in legal disputes from time to time. Landlord Legal Protection provides up to £75,000 towards legal costs in relation to certain legal issues related you your property. You can add Landlord Legal Protection and Rent Guarantee to your Landlord Property insurance.
Find out more
Renting out a property can be stressful if you don’t have a policy that covers all your needs. Thankfully, Swinton’s Buy-to-let property insurance is designed to give you comprehensive cover against damage and financial loss.
Find out more
Does Commercial Landlord Insurance cover unoccupied properties?
Unoccupied properties are more susceptible to break-ins and squatting, so some insurers exclude unoccupied properties from their policies. However, properties that are temporarily vacant (for renovations, for example) may still be covered. We compare Commercial Landlord Property Insurance quotes from a specially-selected panel of insurers to give you the lowest price we get back.
What constitutes ‘accidental damage’ to a commercial property?
Accidental damage is the result of an unintentional action. It generally refers to one-off incidents that lead to permanent damage to floors, walls and windows. Normal ‘wear and tear’ damage — such as scratches on walls and floors — may be excluded from coverage.
Can my policy cover domestic and commercial properties in one building?
Yes, it can. As we work with a panel of carefully selected insurers we can work to find a policy that meets your needs, including if your building contains both domestic and commercial properties.