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Commercial Buildings Insurance
If there is any element of commercial use to a let property you must use a Specialist commercial property insurance. Failure to do so could invalidate your claim. Where the majority of usage is domestic then a standard landlord's insurance policy may suffice.
Cover Required
Buildings insurance is a must and can be used to insure against fire, lightning, storm, and flood, impact from aircraft or vehicles and escape of water from tanks or pipes. As with all property owners insurance the buildings should be insured for their full rebuilding cost and not for the market value. There are a number of optional extras available with a commercial buildings insurance policy that are generally available as standard on a let residential policy, the most notable of which is subsidence cover. In addition commercial polices do not normally include loss of rent cover; If the property is let this is a must.
Liability insurance is generally included as standard with a commercial buildings policy, however cover is restricted to the buildings if there are any contents additional cover must be sought to cover the contents liability risk.
If you run your own business from your property, you can take out a commercial combined policy which offers range of protection for your stock, business fixtures and fittings, money, business interruption, goods in transit and liabilities. This type of cover may prove more cost effective than having a separate commercial buildings insurance policy and commercial contents and liability policy. If you let the property, your business tenant would need to take specialist commercial insurance, tenant's contents insurance would not provide sufficient cover for their business stock or liability.
If there is no business currently operating from your property then you will need unoccupied commercial property insurance. Again this must be a specialist commercial unoccupied property insurance from a provider who would be happy to cover such a risk. Often this type of policy restrict the cover to the basic perils such as fire lightning, earthquake and explosion. In addition there may be additional requirements imposed with regards to security, utilities and inspection.
If you have any questions relating to your commercial buildings insurance then why not call one of our advisors on
0845 365 1264 quoting WS2
who would be happy to help.
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