It is used to cover the property itself and any contents or equipment from the risk of disasters. The cover you need will depend on the type of property you are looking to insure, for example a landlord will have different insurance requirements to that of an owner of an office where staff are present.
Central Insurnace Brokers are experts when it comes to commercial property insurance and will provide you with a quote that perfectly suits the needs of your portfolio.
Do I need Commercial Property Insurance?
It is not a legal requirement in the UK. However, it is highly recommended by both insurance companies and business owners. The reason being is that it covers against most of the risks of commercial property ownership. For example, if a fire broke out in a residential property you are renting, your insurance could cover:
- Loss of rent, due to your property being inhabitable
- Damaged or destroyed equipment and furnishings
- Building repairs or re-build
- Costs of temporary alternative accommodation for tenants
What Type of Commercial Property Insurance Do I Need?
There are two main types of commercial property insurance, buildings and contents insurance. Below is a break-down of what each one covers:
Buildings Insurance for Commercial Properties
This covers the cost of repairs to your property if it is damaged as well as covering the cost of a full-rebuild (including associated fees) if your building is destroyed. Because of this, it is always important to make sure your building is insurance to the rebuild value and not the current market value.
In the UK, buildings insurance is not required by law but most mortgage providers will require it as part of the agreement.
It is the landlord’s responsibility to take out buildings insurance, however as a tenant you may want to protect your stock, belongings or equipment with contents insurance.
Contents Insurance for Commercial Properties
This covers the cost of replacing the contents of your property if damaged or stolen, you may want to consider this if:
- You’re a landlord renting fully or part furnished properties
- You’re renting office space with furnishings or equipment supplied
- You own a business and want cover the equipment in your office
- You own a retail business and want cover your stock
If you own a retail business and are insuring your stock, you will want to insure against its cost price, not retail price.
Why Choose Central Insurance?
The most competitive premiums, every year
Our experienced broking team will ensure you don't just get the best price in the first year, you'll receive the best quote year on year.
You're in safe hands
All of our team at Central Insurance have been here for at least 10 years, gaining valuable experience in not only general insurance but also understanding our clients' specific insurance requirements inside out.
Dedicated claims assistance
Had trouble with claims in the past? Our in-house claims team are on hand to assist you with any insurance claim, acting on your behalf with corresponding with your insurance company.
Latest News & Blog
How to Avoid Underinsurance
Ensure you have the right amount of cover Suitable insurance forms a vital part of business continuity planning – but how can you be sure that you are buying the right amount of cover? Below we share some top tips from How to avoid underinsurance – A guide for small and medium-sized businesses produced by the British […]
What our clients say
Excellent service. Greg at Central Insurance sorted my insurance quickly and at a good price. Highly recommended.Andrew Witts
Central beat my existing premium by over £200 for my property portfolio. They also dealt with a broken glass claim for us promptly.Yard Club Ltd