Unoccupied Commercial Property Insurance

What is unoccupied commercial property insurance?

Unoccupied commercial property Insurance is specifically designed to cover any commercial building which is going to be standing empty for a length of time. This could be due to renovation work, for example, or simply that, as a commercial landlord, you have a property without tenants for a period. Commercial properties mean anywhere that is classed as a business premises, such as shops and retail units, offices, warehouses, workshops and factories.

How is it different to empty residential property insurance?

If a domestic home is to be renovated or left empty, you will need to have residential empty property insurance in place. However, this won’t cover a business or commercial premises as they are two different types of policies. Unfortunately, empty commercial property insurance is often much more complicated and pricier than domestic insurance because of the wide ranges of property type and use, and this is where we can help.

Many insurers are reluctant to offer cover for empty commercial properties which means premiums can often be much higher in comparison to a premises that is occupied. This is due to the fact they’re more vulnerable as no one is there most of the time to keep an eye on them. Whilst cover may look to be fairly easy to obtain, in reality when you check the small print you may find that cover is restrictive.

As a guide, a good unoccupied commercial property insurance policy will cover you for damage due to fire, flooding and other disasters, theft, cost of evicting squatters and vandalism.

Who needs unoccupied commercial property insurance?

Anyone who owns or is responsible for a commercial building which is usually used for business purposes, but which will now be empty for a long period of time.

Public liability insurance

In addition to your unoccupied commercial property insurance, it’s also a good idea to consider public liability insurance as well. This type of insurance is particularly important if members of the public (including customers, suppliers or other individuals) come to visit your empty commercial property, for example to carry out renovation work. Anyone who is simply passing by may also make a claim if they are injured or their property or possessions are damaged as a result of being in your vacant property.

The insurance will cover your business for a claim for compensation for any loss, injury or death to members of the public for which your business is found to be responsible. It also includes people who aren’t permitted to be there, such as squatters. Cover can include:

Why choose Real Insurance Brokers for my unoccupied commercial property insurance?

Here at Real Insurance Brokers we pride ourselves in understanding what our customers really need from their insurance to offer a personal, bespoke service. We work with a range of leading UK insurers and would be pleased to guide you through your options.

Simply call us now and let us do the searching so you don’t have to.