Commercial Property Owners Insurance

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What Is Commercial Property Owners Insurance And Why Do I Need It?

If you are a landlord or property owner or either commercial or residential property, and rent them out, then you need insurance to cover your assets.

What Cover Do I Need?

There are many different products available for this type of cover, and we would discuss this with you to ensure that you have a policy specifically tailored to your needs.

Some Of The Covers That You May Need Are:

  • Loss Of Rent
    Do you need loss of rent cover? This covers you if for any reason following an insured peril occurring ie fire, flood etc, you are responsible to relocate your tenants, this will, in addition, cover the money lost by you by not receiving their rent payments during this time.
  • Property Owners Liability
    Do you need property owners liability? This covers you for any accidents / injuries caused to a third party. Ie: a tile may slip from the roof and hit a passer-by.
  • Buildings Cover
    Do you need buildings cover? If you own the property, you should have buildings insurance. This covers you for the repair/rebuilding of the property in the event of an insured peril. It is very important that the sum insured covers the full rebuilding cost of the property. If the sum insured is too low, the policy will be subject to average, and you may have to pay towards the cost of any claim yourself.

Important Information To Provide When Taking Out A Policy

  • Is The Building Listed?
    If the building is listed, the insurance company must be made aware of it. The sum insured may need to be adjusted, as some rebuilding / repair work can take longer and cost more on a listed property. In addition, if you have loss of rent cover, the period that the cover is for may need to be extended, as standard timescales may not be long enough.
  • Is The Building Standard Construction?
    You must inform your insurance company of any non standard construction within the property. This includes: timber frames, flat roof or thatch.
  • How Is The Building Being Used?
    Please ensure that the insurance company are aware of exactly the nature of the business carried out by your tenants. This may have a significant bearing of the terms and premiums quoted. It is imperative that if your tenants change, or your existing tenants change their use of the building, you inform us immediately. This includes on residential property a change in the type of tenant ie: asylum seekers, students , dss tenants etc. If you do not do this, your policy could be invalidated.

Please give us a call, or request a call back, and we can discuss your requirtements, and as always:

If we can't give you the best price, we will always give the best advice.

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