Commercial property insurance covers the cost of repairing or rebuilding your business premises, or replacing your stock or equipment. It covers you against risks such as:
- Burst pipes (escape of water)
- Falling trees
- Fire
- Flooding
- Riots
- Storms
- Subsidence theft
Buildings Insurance
Buildings insurance covers the cost of repairing or rebuilding your business premises if damaged or destroyed.
Buildings insurance is not required by law, but most mortgage providers will insist that you take out a policy before they give you a loan.
Even if you own your business premises outright you should still consider building insurance to cover you against the cost of repairs or rebuilding your property.
If you rent your business premises, building insurance is your landlord’s responsibility ¬– but you may consider taking out contents insurance to protect your stock and equipment.
You should always insure your business premises against the cost of rebuilding the property, not against its sale price or current market value.
Why It’s Important To Get The Best Commercial Property Insurance
With commercial insurance rates on the rise – up 2% in Q4 2023 following a 3% increase in Q3 (according to Marsh) – having good commercial property insurance is more important than ever.
Even a minor incident can cause significant damage to your property, leading to expensive repairs or even reconstruction. Good commercial property insurance helps you avoid these financial burdens.
Knowing your property is insured allows you to focus on running your business without worrying about the financial impact of a covered event.
While rates are rising, good coverage can save you money in the long run. A comprehensive policy can help you avoid out-of-pocket costs and potential lawsuits.
Additional Cover
Business interruption insurance covers you if you cannot do business as normal as a result of an event that causes damage to your premises or equipment. It is usually offered as an extra when you buy buildings or contents insurance. It covers:
- Any shortfall in pre-tax profits resulting from the event
- Any increased costs in running your business as a result of the event, such as extra accountants’ fees
At ACS we understand that if you want to climb the property ladder; you need to start on a firm footing, and that means finding the right insurance at the right price.
For a quick commercial property insurance quote, complete our web form or call our office and discuss your needs with an experienced member of our commercial team call 01427 671 606.
