Core Business Insurance Covers
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Commercial Property Insurance
Physical premises are crucial for the operation of the majority of businesses, so it’s important to make sure the building your business works from is well protected.
Commercial property insurance is the solution here, but you'll need to do some research to find out exactly how much coverage you need. Rather than insuring your property for its market value, commercial property insurance works by insuring it for the cost of rebuilding from scratch as this is what your insurer will be expected to pay out in the event of a complete loss.
When calculating the cost of commercial property insurance, fixtures and fittings will also need to be included. In retail outlets, you'll need to cover the storefront too, which can be damaged in the case of vandalism or break-ins.
In fact, shutters may even be mandatory for some insurers. Many insurance providers will require some minimum-security standards, so it's important to check that your property has a good level of physical protection in place if you want to keep your premiums down. For instance, the doors will need to be secured by 5 lever mortice deadlocks. Additionally, all opening windows or access points will need to be secured with lockable devices. Fire safety measures will also need to be taken.
Make sure that you check the excess and any small print on your commercial property insurance too before agreeing to a plan. Insurers of business buildings will often request that the property is not left unattended for more than a month at a time, so you may need to include these terms in your business operations or tenant agreements.