Commercial Buildings Insurance
Compare commercial buildings insurance quotes to find the best deals for protecting your businesses property against a range of risks such as fire, flood, burst pipes and more.
What is Commercial Buildings Insurance?
Commercial buildings insurance, also known as “commercial property insurance ”provides protection for commercial property owners against unexpected damage to the structure of their buildings. This can include damage or destruction as a result escape of water, falling trees, fire, flooding, adverse weather, subsidence, vandalism and more.
Commercial buildings insurance policies can pay for the restoration, repair or replacement of a building if it suffers damage from an insured event..
Who is Commercial Buildings Insurance for?
Building owners are generally the ones responsible for ensuring a policy is in place, however if you rent a commercial building, it’s worth checking the level of cover your landlord has in place, and finding out the procedure if the worst happens.
Commercial buildings insurance is suitable for businesses of all sizes, industries and structures, including Sole Traders, Partnerships and Private Companies.
Is Commercial Buildings Insurance a requirement?
Although commercial buildings insurance is not a legal requirement, you should definitely consider it as the costs that can arise from damage to commercial buildings can be significant. For example, if your factory was damaged by a fire, you could be out of business for months whilst repairs are carried out, causing a substantial loss of income as well extensive repair bill.
If there is a mortgage on your business premises, many lenders will insist that you’re fully as part of your mortgage contract.
What does Commercial Buildings Insurance cover?
- Natural disasters such as flooding, storms, and subsidence.
- Vandalism, rioting and burglary.
- Fire, including arson.
- Accidental damage – provided it isn’t considered negligence.
- Escape of water, such as a burst pipe.
- Loss of income as a result.
What does Commercial Buildings Insurance cover?
Cyber insurance may also cover other eventualities, depending on the specific policy. These can include:
- Fixing any damage to computer systems belonging to you or a service provider.
- Identifying and removing viruses from computer systems.
- Hiring professional consultants to provide advice on preventing future incidents.
- Fraudulent data manipulation in your computer system (or your service provider's system which results in a loss to you), resulting in money being taken from an account or assets being transferred without your permission.
- Informing the data privacy regulator and other affected third parties.
- The cost of hiring public relations and crisis-management experts to help you minimise damage to your brand, business operation and reputation.
What doesn't Commercial Buildings Insurance cover?
Not all eventualities are automatically covered, so it’s essential to be aware of the full details before taking out a policy. Here is what typically isn’t covered:
- Buildings that have been unoccupied for more than 30 days’.
- Damage caused by negligence of employees.
- Poor quality workmanship, for example if repairs have been completed below standard.
- General wear and tear is not included.
- Damage from pests and vermin is often excluded.
- Vandalism as a result of poor or sub-standard security measures.
What information do I need to get a quote?
To get a quote for commercial buildings insurance, you’ll need the following information:
- Business name, trading address and legal status.
- Trading activities and history.
- Details of all business premises, including the activities that take place within each premises.
- Building valuation.
- Details of claim history (if any)
- Policy preferences, including type of cover, what options you want & policy start date.
How much does Commercial Buildings Insurance cost?
The cost of buildings insurance varies significantly depending on a range of factors. These include; the level of cover you need, the value of that cover, the nature of your work, and any risks specific to your company operations or industry amongst other factors. Businesses that are perceived as riskier will usually pay a higher policy price.
Another important factor to consider is choosing the right provider for your business insurance. The overall cost can vary dramatically between providers, even for the same or similar levels of cover, so it’s always worth comparing a number of providers to ensure you get the best deal.
