From motor trade garages to restaurants, shop premises to factories and warehouses, commercial property comes in many shapes and sizes.
One thing they all have in common is that the impact of unforeseen problems can be enormous, affecting not just your finances but your whole business.
That’s why it’s vital to make sure you take out the right level of commercial buildings insurance so that you’re covered for every eventuality.
What’s the worst that could happen?
For companies with a physical premises, property and business are one and the same. The idea of commercial property insurance is to give you the peace of mind that your property – and therefore your business – will be protected should the worst happen.
Deciding on the right level of commercial building cover is therefore a question of considering the potential impacts on your business of something going wrong.
If you’re looking to take out restaurant insurance, for example, what would be the effect of a kitchen fire putting your business out of action for months, if not years. If you run a busy office, how much would it cost your business in lost earnings and new equipment and if your office contents were burgled?
Whatever the nature of your commercial property, if you employ staff at your premises then you’re legally obliged to take out employers’ liability insurance, and if there will be members of the public on site, you’ll also need public liability insurance.
These types of cover will help you meet the costs of having legal action brought against you, for example by an employee or member of the public injured while they’re at your commercial property.
As the for landlord of a commercial property that’s rented out to tenants or a third party, you can also take out commercial property owners and landlord insurance, which typically covers things like loss of rent, repair or rebuilding, and replacing fixtures and fittings.
The danger of under-insuring
It’s a scenario no business owner wants to have to think about, but if your commercial property was damaged – or worse, completely destroyed – how much would it cost to repair or rebuild it in its entirety?
The temptation can be to underestimate the rebuild cost to bring down your insurance premium, but if you did have to rebuild, this could leave you substantially out of pocket, and possibly even having to close your business.
Add to this the fact that most insurers also reduce the amount of a payout by the percentage you’re underinsured by, and you could well find yourself receiving even less. That’s why it’s vital to be honest and accurate when you’re insuring your commercial property.
Insure your commercial property today
Talk to us about business insurance, with 1st Choice Insurance brokers and you’ll find a friendly team of professionals waiting to advise you on every aspect of your commercial property and building insurance.
Call us on 0800 078 7003 (or 0300 600 0603) or fill out our online quote form for a free, competitive, no-obligation quote tailored to your needs.