No matter how much we plan, there will always be events in life that catch us unexpected. From our children slipping at sports practice and injuring themselves our employees accidentally deleting files, life is full of the unexpected. This is true in both our personal and business lives; unexpected events make no distinction between the two. This is why at Insurerr we offer flexible property insurance. No matter if you’re looking to insure your bar or look after your office, we have an option suitable for you.
Property insurance differs from home insurance as it covers a different set of circumstances. While home insurance covers residential homes and living situations, property insurance is designed for buildings with a commercial use. These buildings may experience circumstances and situations that would be unusual with regards to home insurance, hence the differing insurance policy.
CAN INSURERR HELP ME SAVE MONEY ON MY PROPERTY INSURANCE QUOTE?
Yes, that is the purpose to Insurerr. We are committed to finding the best possible deal for our customers and ensuring that when it comes to commercial property insurance, no possible avenue is overlooked. Each business, and with it each business premise, is different, so we calculate each commercial insurance quote on a case by case basis, ensuring you get the most cost effective price for your commercial insurance.
By giving us access to your detail, you will save yourself time, money, and effort. We do all the hard work, contacting insurers on your behalf who then compete for your business and provide quotes. The process is simple – we rank the best insurers and commercial property insurance on price and package. We then present these best options to you so that you can choose the right policy for your needs.
WHAT IS PROPERTY INSURANCE?
A property insurance policy is a policy that provides financial reimbursement to the owner (or renter) of the structure and contents of a property in the event of damage or theft. Typically, property insurance is done in two mains ways – open perils and named perils.
Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.
Before you receive your commercial property insurance estimation, it is advised that you calculate the value of the contents in each room or area of your property. Once you have done this, simply add them together for your grand total.
Isurerr will then ask you the value of expensive single items that you may have in your property. These items usually cost more than £1000 and include electronic devices such as PCs, laptops, and printers, specialist equipment such as printing presses or distillation columns, and many more items. We do this to ensure that each item is covered appropriately.
Insurerr will gather a number of options for you and you can choose the package which is the most relevant to your needs.
WHEN WILL I NEED PROPERTY INSURANCE?
Accidents happen, and when they do it pays to have the peace of mind provided by property insurance. From intense weather damage to the wear and tear that time takes on a property, there are many things that could cause property damage, either to the structure or to its contents. Normal property insurance will cover the common issues with property, such as fire or theft. Additional perils can be added to policies to cover for specific problems.
Imagine, for instance, you run a business that involves the use of dangerous chemicals. It is possible to add a peril to the policy such that should any damage or loss of equipment happen while handling the chemicals, you are financially covered.
WHO NEEDS COMMERCIAL PROPERTY INSURANCE
Commercial property insurance is designed for landlords who will rent the premise for the purpose of business. This can range from hairdressers or offices through to mechanic’s garages. It differs from home insurance as there is a commercial aspect to the use of the building. As a commercial property owner, they are subject to a variety of risks for the building and contents as well as the liabilities they have towards their tenants and their businesses.
What Does Commercial Property Insurance Do?
Commercial Property Owners Insurance provides cover for the risks associated with owning a premises for the purpose of business. This could be a shop, salon, restaurant, factory or even a warehouse. Buildings used for Leisure, education or charity events may come under the umbrella of Commercial Property too, although this is case dependent. There are two groups that fall under the umbrella of those needing commercial property insurance:
Owners that have purchased the premise for the purpose of utilising it for their own business.
If you are the owner of the premise from which your business in run then you may wish to take out, alongside standard property insurance, commercial property insurance, which will protect the contents of your building and business. Alongside this, you may wish to take out a commercial combined policy. This can provide cover for lost stock, damaged business fixtures and fittings, money stored on site, loss of income from business interruption, goods lost or damaged in transit, any liabilities, and the business itself. This type of cover is usually the most cost effective option over having a separate commercial buildings insurance, commercial contents insurance, and also a liabilities policy.
Landlords that own the buildings and let them to commercial tenants for rental income.
If you are the landlord of a commercial building you must make it clear who is responsible for insuring what as typically your tenant’s contents will not be covered under your policy. Some landlords arrange Commercial Premises Insurance for their building and charge the tenant the premium, however they will still be responsible for insuring their own contents and equipment
Cover can also be arranged to include:
Liability Insurance – This can include both Public Liability Insurance and Employers Liability Insurance which will protect you against a claim if a member of the public or an employee were to have an accident at your premises. EL Insurance is a requirement by UK law if you have any employees working for you, even if they are part time volunteers. Liability claims can be costly as well as time consuming with a lot of legal protocol to follow. If an employee were to have an accident as a direct result of working for you, you could have to pay legal fees and compensation as well as maybe having to take time off work to attend court dates or get legal advice. Many SME’s struggle to reopen after an incident like this if they don’t have adequate insurance. This can be due to the financial losses incurred or even the damage done to your businesses reputation.
Unoccupied Property Insurance – if your Commercial Property is left empty for more than 30 days at a time, your standard policy may not be enough and you may require a specialist policy. Unoccupied Property Insurance often provides the most basic of cover against perils such as flooding, fire lightning, earthquake and explosion. Therefore, you may need additional security around your building and make it clear that it is not to be entered.
LIABILITY COVERAGE IN PROPERTY INSURANCE
As well as covering the value of your commercial property, many insurance policies also include an important provision for liability coverage, something no one should overlook. If you consider yourself to be a careful individual, you may not think this is that important. You forget, however, that accidents can happen at any time. Liability coverage is well known in the area of car ownership, but is usually lesser known to premise owners.
To give an example, if your neighbour’s house catches fire due to the fact that you left your charcoal grill unattended, who do you think would be liable to pay for the damage caused by the fire? The fact is, you would be. If you are wise, however, you will have paid the insurance company your premiums so that they will pay for larger claims when they do occur. The same goes for someone who has been hurt and requires medical attention while on your property.
CHOOSING PROPERTY INSURACE
Make sure that you do your research before settling on a commercial property insurance policy. It should include all the perils, both names and unnamed, that apply to your particular property. Typical perils (causes of property destruction) that are not covered are:
- Flood damage (often a separate policy)
- Earthquake (again, often a separate policy)
- Acts of War
- Components of the property being in disrepair (includes such things as worn out plumbing, electrical wiring, air conditioners, heating units, and roofing).
Boilers (again, often a separate policy for boiler insurance).
SHOULD I GO DIRECT WHEN BUYING PROPERTY INSURANCE?
When it comes to getting a commercial property quote, we would advise our customers NOT to go direct to insurance companies. Our business compares the market for you and forces the companies to compete and offer the best possible deal. This in turn gives you the cheapest quotes side-by-side. As we get quotes from insurers across the country, you can be assured you are getting the best deal possible. You will also save time, as we do most of the work for you. Statistics are also in our favour, showing that comparison sites are cheaper nearly 90% of the time. If you don’t believe us, try Insurerr today and see the results for yourself.
HOW CAN I REDUCE THE COST OF MY COMMERCIAL PROPERTY INSURANCE?
The price presented to you for your commercial property insurance is dependent of many different parameters. The factors taken into account when insurance companies making up your policy and deciding on the premium depend of a wide range of details. There are a few ways that, as a property owner, you can reduce the cost of your premium. Some examples include:
- Using comparisons sites, such as Insurerr, to shop around and identify your needs is one of the best ways of making sure you get the best deal. For us, this involves comparing price, value for money, and the policy itself before passing on the best options to you. Once you have decided on the nature of the insurance you need, read through each policy thoroughly to ensure that the policy fits your needs. Once the policy ends, use a comparison agent again to make sure you’re still receiving the best deal.
- By paying as an annual lump sum rather by instalments, you can also save money.
- When searching for your policy and deciding on the cover required, identify any additional add on you require. You must remember that any additional covers do come at a premium and will increase the cost of your overall cover.
- The security of your property matters. A more secure property costs less to ensure.
Here at Insurerr, we understand that keeping your commercial property covered against damage or loss. Keeping your property insured in case of loss of income through interrupted service or damage to the premise is a wise idea, as companies often fold due to these exact reasons. If you are interested in keeping your building and your business safe, Insurerr is here for you. Finding quotes for your commercial property insurance is quick and easy and we can have options to you in no time.
If you leave us the necessary details through our contact form, we can begin the procedure and get in touch with you to let you know what we have found.