When you’re running a business from a commercial property, whether you’re the landlord or the tenant, content insurance is not something you can afford to get wrong. It’s easy to assume a standard policy is enough or overlook some of the fine print, but these minor errors can lead to severe losses when any unforeseen event occurs.
After learning the basics in our main guide on what contents insurance is and how to protect your contents, focus on something just as important: knowing what not to do. Here, we break down some of the most common mistakes landlords and tenants make when purchasing contents insurance, along with tips on how to avoid them.
Several business owners take a rough guess at the value of their contents and it’s often far too low. This is called underinsurance, and it means that if you make a claim, your payout may only cover a portion of the loss. Instead, always insure your contents for their full replacement value on a new for old basis. This means covering the cost of replacing every item with a brand-new equivalent, not its current market value.
Be sure to include everything inside your building such as desks, IT equipment, stock and even carpets or fixtures if you’re responsible for them. Before getting a quote, take time to create a full inventory of your business contents so nothing gets missed.
Get a free quote now and secure your commercial property with Cubit Insurance.
This is a common misconception, especially for renters in commercial buildings. Your landlord may have insurance that covers the building itself, but this usually doesn’t include the items inside your property, like your company equipment, furnishings, or goods. To avoid any gaps in cover, always ask your landlord exactly what their policy includes, and make sure to arrange separate contents insurance for your own items, even if you’re just leasing a space within a larger commercial property.
Every industry faces its own set of risks, for example, a retail shop may be more concerned about theft and stock damage, while an office-based business might prioritise protecting IT equipment and guarding against fire. However, several businesses make the mistake of choosing any policy without considering whether the content insurance truly fits their needs.
To get the right protection, it’s essential to customise your contents insurance to your specific industry. You should also look into specialist add-ons such as stock cover, electrical equipment protection, or portable item cover if they’re relevant to your operations.
If your business relocates to new premises, hires additional staff, invests in new equipment, or expands its stock, your contents insurance must keep pace. Some landlords or tenants forget to update their policies to reflect these changes, leading to potential issues when making a claim.
To stay protected, make it a habit to review your contents insurance at least once a year or whenever major updates occur. Always inform your insurer about any changes, especially costly purchases, to ensure your contents insurance remains accurate and valid. If you’re not sure where to start, you can always call the Cubit Insurance team. They can clarify the review process and make it fit to your business’s needs.
Some policies don’t cover certain kinds of damage, including water leaks or normal wear and tear, while others may have a high excess, which means you’ll have to pay a lot of money out of your own pocket before your insurance company pays. To avoid surprises, always review the terms carefully, paying close attention to what isn’t covered. Ensure the excess is affordable and the level of cover makes sense for your risks.
Content insurance should protect what matters to your business. By choosing the right insurance and avoiding common mistakes, you’ll save time, money, and stress.
Cubit Insurance makes it simple to get content cover that works for you. Our expert team takes the time to understand your requirements, then connects you with trusted insurers so you can get the best quotes. We’ll help you protect what’s most important to you with expert advice and insurance that fits your budget, no matter if you run a store, an office, or rent space in a commercial building.
Let our friendly experts help you choose the right insurance with tailored solutions, expert advice, and hassle-free support.
Owning an unoccupied property comes with risks you can’t afford to ignore but the right protection means you don’t have to. From fire and flooding to vandalism, theft, or liability claims, unoccupied property insurance is your safety net when your building is empty.
Cubit Insurance understands the real challenges landlords face, which is why we’re here to help you find tailored, cost-effective insurance that keeps your property protected for as long as it stays unoccupied. Contact our team today to explore your options and get quotes that work around your property, your needs, and your budget.
Looking for Unoccupied Property Insurance? Contact Cubit Insurance for affordable rates and expert advice. Learn more here.
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.
