Operating a business or owning a commercial building in the UK has a fair share of responsibilities and even greater risks. From physical damage to legal liabilities, commercial property insurance protects your premises and the equipment, stock, and operations that keep your business going. Whether you are a small business owner or manage larger premises, this guide will help you understand commercial property insurance, types of property insurance and risks to your commercial properties and how to find cheap commercial property insurance to help you prevent financial setbacks.
The best commercial property insurance is a multi-cover policy that protects your properties financially that are used for any legal business against a variety of dangers. Commercial premises might become the target of theft, or any other unforeseen event that can damage your business. Different policies are available to suit different types of commercial properties. Here is a breakdown of the most common types to keep in mind.
Covers the structure within your property including walls, floors, roof, and permanent fixtures against risks like fire, flooding, burst pipes, and vandalism. If you’re a landlord, finding commercial property insurance is important to safeguard your investment.
Content insurance protects your belongings from costly damage or unforeseen events. This cover includes damages from fire, vandalism, flood damage, burst pipes, and losses due to burglary. It is important to keep your business running with content insurance if damage or theft occurs.
If your building becomes uninhabitable due to an insured event such as vandalism, fire or natural disaster this cover helps replace lost income or pays for alternative accommodation. It is a reliable add-on for commercial building insurance to help maintain cash flow during unexpected downtime.
If your commercial property is empty for more than thirty days, standard insurance may not apply. This specific cover protects against increased risks like vandalism, leaking pipes, and any other danger that might cause damage to your building and contents.
If you have employees, this is a legal requirement in the UK. It covers compensation claims from staff due to workplace injuries or illnesses.
Often included as part of a commercial insurance package, this covers injury or property damage claims made by third parties on your premises.
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Every commercial property, whether occupied or vacant, is exposed to potential risks. Here are some common examples of risks that can impact your business.
If any third party gets injured on your premises you could face a compensation claim. Public liability insurance included in a commercial package helps protect against these types of situations.
Fire is among the major risks to commercial property, destroying buildings, stock, equipment, and records. Basic policies for cheap commercial property insurance for fire, even for unoccupied premises, though specific exclusions like fire related explosions may apply.
Empty or poorly secured properties are vulnerable to wall drawings, smashed windows, and theft. These can lead to repair costs, lost goods, and business interruption.
Water damage from burst pipes or leaks is a serious risk for commercial properties, especially in older buildings or during cold weather, leading to structural problems and inventory loss. Storms, hail, or flooding can also cause major damage to your commercial property.
You can read in detail about what is commercial property insurance for your business and what risks you can encounter, feel free to read our other blog
Often required by landlords, lenders, or clients, this insurance demonstrates responsibility and ensures compliance, helping minimise business disruption.
Covers repair or replacement costs for stock, tools, machinery, or furnishings damaged by theft, vandalism, or accidents, reducing financial strain.
Helps cover lost income, wages, and ongoing expenses if your property becomes unusable after events like fire or flood, supporting your recovery.
Protects against major financial hits from incidents, safeguarding your revenue and long-term viability even after minor damages.
Includes or can be bundled with public liability insurance, protecting against legal claims if customers, suppliers, or visitors are injured or their property damaged. If you want to read more about types of commercial property cover, you can read our other blog for more details.
Include full address and specify if it’s an office, warehouse, shop, etc. This helps assess the risk profile based on location and usage.
List the value of all fixtures, fittings, equipment, and stock. Accurate details provide the best content cover for your commercial property.
State if the property is owner-occupied or leased, and always disclose all business activities carried out on your site. High risk business activities like chemical storage may increase premiums or add conditions.
Provide an estimate of how much it would cost to fully rebuild your commercial property, including materials and labour. To avoid confusion, try not to mention how much the property is worth on the market, because rebuild cost is about construction expenses, not the property’s sale price or land value.
Disclose any claims made during the last 3 to 5 years, including dates, reasons, and settlement amounts. Frequent claims may signal a greater risk to insurers, resulting in higher rates or particular limits in your policy.
Include dates and details of renovations, electrical updates, roofing work, or major repairs to show proactive property upkeep.
Let our friendly experts help you choose the right insurance with tailored solutions, expert advice, and hassle-free support.
To choose the best insurance, assess your property’s risks based on tenant type, business activity, and location. Learn more about commercial property insurance specifically for your business in our other blog about how to find the right cover. You may also consult any reliable commercial property insurance broker to help you find cost-effective cover, particularly if you are searching for bundled policies. Regularly review your policy to stay aligned with any changes in your property or tenancy.
For competitive commercial property insurance rates, feel free to contact Cubit Insurance. Let Cubit Insurance find insurance for you at an affordable price. Our expert team will evaluate your needs and suggest the best policy right for you.
Let our friendly team help you choose the right insurance for you!
Let Cubit Insurance find insurance for you at an affordable price. Our expert team will evaluate your needs and suggest the best policy right for you.
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