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Factory, warehouse, portacabin or cafe. If you run your business from it (and you don't live in it), it's a commercial property in insurance terms.
And unfortunately, whatever the building is, there's a risk of damage from fire, flood etc.
A windy day could mean a tree falls through the roof. A dodgy kettle plug and your workplace could be a pile of ash and smoke.
Commercial property insurance pays to repair or rebuild your work building if something unexpected happens. It protects one of your biggest assets and helps ensure your business still has a base once the dust settles.
Commercial property insurance pays to repair damage if something unexpected happens to your work premises.
So, if someone tries to break in by smashing a window or a burst water main on the street floods your warehouse, commercial property insurance covers the costs to put things right.
Or, if your business premises has a serious fire, it'll fund the demolition and rebuild.
Commercial property insurance also covers costs for:
Much like home buildings insurance, commercial property insurance doesn't cover your contents. So you'll need business contents insurance for that. It also doesn't cover wear and tear.
If you own the premises, you're accountable if something happens and it needs fixing or rebuilding.
So, landlords and owners are responsible for commercial property insurance. Not tenants.
And if you have a mortgage, your lender will probably require you to have commercial property insurance.
Commercial property insurance quotes are calculated on the property rebuild value.
So, if you have a large warehouse, the size of six football pitches, it'll cost more to rebuild than a portacabin on a building site. And your premium will be higher.
The value you need for insurance is the rebuild cost, not the resale price. So worst-case scenario, if your building burns to the ground, how much the bricks and bricky will cost, and the demolition team, architect, electrician, plasterer, plumber etc.
If you get the value wrong, you risk being underinsured. That means if you make a claim, your insurance company will look at what you've put as a value and compare it to the actual rebuild costs. If they're considerably different, it could leave you out of pocket.
To find out the rebuild value, you can ask your mortgage company. Or there are free online calculators you can use.
It depends on your setup.
If your business finances the purchase of a garden office or studio, and you build it in the grounds of your private home, commercial property insurance can cover it.
However, if you've converted your garage or garden shed or made your spare room into a treatment room, it's still your home. So you should tell your home building insurance provider instead.
We're business insurance specialists who speak English, not jargon. And because we have ‘advised’ status from the FCA, we can give you advice on what you need. Not all brokers can.
We're digital. So you can get a quote in minutes. And your policy documents are sent straight to your inbox.
And, if you want to talk through your policy or make a claim, our experts are on hand. You can send us an email or give us a call. You don't even need to go through an annoying phone menu system.
Speaking of which, we have specialist claims handlers if you need them. It's another advantage of using a broker. We're on your side, and we'll fight your corner.
We'd say these pointers are a good “why us” foundation. But if you're still not convinced, why not read some of our customer feedback.
Call us and a real person answers. No call centre, no phone menu, no scripts. Just friendly, helpful advice from a business insurance professional.