What sort of buildings are covered by commercial property insurance?

Commercial property insurance pretty much does what it says on the tin – any commercial property can apply for an insurance policy. Shops, pubs, offices and even homes where a business is operated from that address as a headquarters all need to look at taking out a commercial insurance policy.

What does this cover?

A commercial property insurance policy will cover all the standard risks to a building such as theft, fire, subsidence etc, but it is important to note that the nature of the business may influence what the policy covers. If the company deal in dangerous or flammable materials, this will pose a higher risk than, say, an office dealing in mainly administration. Additionally, contents and public/employers liability should be offered in a standard package, as well as legal expenses and business interruption cover.

There are also optional extras that are available when you look to take out such a policy. These include aspects such as terrorism, theft by employees and computer breakdown. Again, depending upon the nature of the business, some optional extras may not be applicable.

OK, I know I need a commercial insurance policy – where can I buy it from?

There is a wide range of insurance companies to choose from when looking for any type of insurance policy and commercial insurance is no exception. What you need to do first of all is look at what all the companies have to offer, and then do a comparison of policies to choose the best one for your business. This can be time consuming, but well worth it in the end as you want to get the best value for money policy as possible.

If you don’t want to do the comparison; maybe you don’t have time or the jargon is too confusing, you can use an insurance broker to do it for you. An insurance broker will be able to read the technical legalities and policy features easily, and will already have a number of established firms to speak with to get your commercial property insurance quote quickly.

Where do I find an insurance broker?

There are a few different ways of getting in touch with an insurance broker to sort your commercial property insurance policy out. Friends may have recommendations for you from brokers they have used before, or you may choose to look in a business directory and find one that way. Another way is to look online and see who is coming up – a lot of brokers have websites that allow you to fill in an online quote form to make life easier.

When you are looking to take out any insurance policy, remember to clearly state all your essential details as truthfully as possible to avoid problems later down the line in the event of you making a claim. If you have a successful year without making any claims, no claims bonus discounts may be available to you, so be sure to ask about that when choosing an insurance company.