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What is commercial property insurance?
Commercial property insurance covers the cost of repairing or rebuilding your business premises. Additional coverage includes replacing your equipment or stock.
There are two types of this insurance:
- Buildings insurance
- Contents insurance
These can cover you for risks such as burst pipes (and the escape of water), falling trees, fire, flooding and storms.
Commercial property building insurance
Property commercial insurance covers the cost of repairing or rebuilding your business premises if damaged or destroyed.
It isn’t a legal requirement. However, it’s good business practice to have a policy. The cost of repairing or rebuilding your buildings could be prohibitive without the relevant cover in place.
If you rent your premises, buildings insurance is your landlord’s responsibility. Yet you still may consider taking out contents insurance to protect your assets.
Business interruption insurance
Additionally, you may wish to get further coverage. Business interruption insurance covers you if you can’t do further business due to an unforeseen event that damages your business or assets.
This covers shortfalls in pre-tax profits resulting from an event and increases in costs from running your business due to the event.
Who needs commercial property insurance?
Businesses who own their property, or rent from a landlord, should ensure this insurance is in place.
Property owners letting to third-parties for commercial use should also ensure they have commercial property insurance
If you don’t, and your property is damaged or destroyed, you will have to pay in full to restore or repair your building.
How much is commercial property insurance?
Because many factors can impact on the cost of your commercial property insurance, the help of a specialist broker like Radius Insurance Solutions can be invaluable in obtaining suitable cover. Speak to us about your specific requirements.
The cost of cover can vary considerably, dependent on factors including:
- The location of your premises.
- The rebuild costs.
- The type of business run from the premises.
- The number of sites you wish to cover.
- Any proximity to areas liable to flooding.
- The security measures at the premises.
- Your claims history.
- Any other factors that would impact on repair or rebuild costs.
For contents insurance, the value of any stock.
- Any periods where the property might be unoccupied.
- For contents, the replacement value of stock and equipment to be covered.
The benefits of commercial property insurance
- Cover the cost of property damage
- Additional business security
- Protect your business’ assets
- Get peace of mind
Get a commercial property insurance quote
If you have business property, commercial insurance is the right step for your interests. It protects you from potential enormous costs in the event of damage to your premises.
Request a quote now from us and we will search the market for a policy to match your requirements.
Why choose us?
Not sure which cover you require?
Call us directly on 0114 261 2020 for a quote today.
Our team of dedicated sales experts will take you through the process of setting up your new commercial property insurance from quote to inception. We will also be here to offer any advice or help you may need after you have taken out your policy with us.