commercial property owners insurance
Commercial Property Owners Insurance differs from domestic buildings insurance cover in a number of key ways. Here we detail what commercial property owners insurance will include, how it is worked out and how to go about getting commercial buildings cover.
Insurance termed as commercial property owners insurance is specifically designed to mitigate the risks associated with owning or managing a building used for business purposes. Examples of such business would be a:
WHAT IS COMMERCIAL PROPERTY OWNERS INSURANCE?
The building should be insured for the full rebuild value, not for the current market value. A survey may be required to determine the rebuild value. Normally included in commercial property owners insurance cover will be walls, gates, car parks and any pavements found on the property.
Typically, commercial property owners insurance will provide financial protection from the property related costs associated with :
Commercial All Risks
Fire
Lightning
Explosion
Earthquake
Storm
Impact from aircraft or vehicles
Natural flooding
Escape of water from tanks or pipes
Loss of rent caused by a peril
Damages & Legal Fees for injury or an
accident on the property
Items not usually included :
Terrorism - extended at additional cost
Subsidence - extended at additional cost
Loss of rent by tenant default
Damage arising from building work
When looking for commercial buildings cover, you will need to specify one of the following:
Occupied Commercial Property
This is the most common form of commercial property owners insurance and would be required by owner business occupiers and properties which contain commercial tenants.
Un-Occupied Commercial Property
If your commercial property becomes vacant you should inform your insurer in reasonable time (most policies say 30 days). There are special policies that will provide un-occupied commercial property owners insurance and will be provided at a lower rate than occupied cover, however there are usually restrictions. Often the cover is reduced back to only include the basic perils such as fire, lightning and explosion. Some un-occupied commercial property owners insurance is provided on the basis of security considerations. eg. There must be regular inspection of the property.
Combined Property Cover
Should you be the commercial owner occupier of the property you may wish to consider combining your commercial property owners insurance with your commercial contents & liability insurance, or indeed with the whole of your business insurance needs. Including all insurance requirements in one policy should prove to be a more cost effective method of obtaining the overall business insurance cover that you require.
TYPES OF COMMERCIAL PROPERTY OWNERS INSURANCE?
PREMIUMS FOR COMMERCIAL PROPERTY OWNERS
The following factors will be considered by your insurer and will affect the commercial property owners insurance premium.
EG. A Fish & Chip Shop will be seen to carry higher risks than an Accountants Office – see the first point below.
You will require commercial property owners insurance if you appear on the table below:
WHO NEEDS COMMERCIAL PROPERTY OWNERS INSURANCE?
The type business activity of the commercial tenant or occupier
The rebuilding cost of the property
The location of the property
Is there a flat/s above? What is the occupation of the tenant of the flat.
What alarms and fire prevention devices are fitted at the property
Owner Occupier Business Property Investor Property Investment Company SIPP Investor Property Management Company
Freehold Leasehold
WHY CARVEL FOR COMMERCIAL PROPERTY COVER ?
Carvel only deals with commercial insurance. Should your require commercial buildings cover, Carvel will provide the following benefits to your business :
Instant advice & service from commercial insurance
specialists – not a call centre
Low premiums selected from our panel of specialist
providers of commercial property owners insurance
Dedicated Account Manager + In-house Claims Management
= Less Admin & Great Service
FREE Advice and guidance on how to reduce your
commercial property owners insurance premiums
Complex Risks Insurance ~ Property Investors Insurance ~ Directors & Officers Insurance ~ Commercial Liability Insurance
Business & Employee Travel Insurance ~ Office Insurance ~ Pub Insurance ~ Guest House Insurance ~ B&B Insurance Business Insurance Advice ~ Engineering Insurance ~ Professional Indemnity Insurance ~ Fleet Motor Insurance ~ Taxi Insurance ~ Hotel Insurance ~ Private Client Insurance ~ Landlords Insurance ~ Property Owners Insurance ~ Restaurant Insurance ~ Employers Liability Insurance ~ Public Liability Insurance ~ Product Liability Insurance ~ Commercial Property Insurance ~ Shop Insurance ~ Contractors Insurance ~ Tradesman Insurance ~ Courier Insurance ~ Retail Insurance ~ Haulier Insurance
High Net Worth Insurance ~ Commercial Insurance Cover ~ Commercial Motor Insurance
A single phone call and you can access our entire range of policies & advice on commercial property insurance.
Connect with Carvel, call us now on 08458 733 133
Carvel Insurance Brokers is a trading style of Bowlin Insurance Consultants Ltd who are
Authorised and Regulated by the Financial Services Authority, FSA Registered Firm No 306703
Commercial Property Owners insurance | Commercial Buildings Cover | Offices in London & Peterborough
Carvel Insurance Brokers ~ 1 Poultry ~ London ~ EC2R 8JR
