property cover
Commercial Property Cover differs from domestic buildings insurance cover in a number of key ways. Here we detail what commercial property cover will include, how it is worked out and how to go about getting a commercial building quote.
WHAT IS COMMERCIAL PROPERTY COVER ?
Insurance termed as Commercial Property Cover 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 :
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. Included normally in commercial property cover will be walls, gates, car parks and any pavements found on the property.
Typically, commercial property cover 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
TYPES OF COMMERCIAL PROPERTY COVER ?
When looking for a commercial building quote, you will need to specify one of the following:
Occupied Commercial Property Cover
This is the most common form of commercial property cover and would be required by owner business occupiers and properties which contain commercial tenants.
Un-Occupied Commercial Property Cover
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 cover 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 cover 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 Cover with your Commercial Contents & Liability Cover, 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.
PREMIUMS FOR COMMERCIAL PROPERTY COVER
The following factors will be considered by your insurer and will affect the commercial property cover premium. eg. A Fish & Chip Shop will be seen to carry higher risks than an Accountants Office – see the first point below.
WHO NEEDS COMMERCIAL PROPERTY COVER ?
You will require commercial property cover if you appear on the table below:
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 a commercial building quote, 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
insurers providing commercial property cover
Dedicated Account Manager + In-house Claims Management
= Less Admin & Great Service
FREE Advice and guidance on how to reduce your
Commercial Property Cover Premiums
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High Net Worth Insurance ~ Commercial Insurance Cover ~ Commercial Motor Insurance
A single phone call and you can access our entire range of policies to provide instant business insurance.
Connect with Carvel, call us now on 08458 733 133
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Carvel Insurance Brokers Limited ~ 1 Poultry ~ London ~ EC2R 8JR
