Commercial Property Insurance
Tailored commercial property insurance for landlords and property agents
What is Commercial Property Insurance?
Commercial property insurance, also known as commercial landlord insurance, is vital for anyone who owns, lets out or manages buildings which are used commercially by third parties. The tenant is the business, organisation or group whose name is on the rental agreement showing they’re allowed to inhabit your property. It is this agreement that proves you’re the landlord or agent and that the property is therefore your responsibility. While they may take out their own insurance in relation to the business, and contents on the premises, as a commercial landlord or property manager, you will also need insurance cover in place. If the property is mortgaged, it’s likely to be a condition of your mortgage provider that you have relevant insurance.
Why do I need Commercial Property Insurance?
Domestic dwellings and commercial buildings are two very different entities when it comes to insuring them. Therefore, it’s not possible to insure a business premises with domestic landlord insurance and expect it to provide the cover you need.
How is it different from domestic landlord insurance?
There are two main areas where residential property insurance and commercial property insurance differ. These are:
Building types
Commercial properties vary much more than domestic properties in terms of their construction and design. They may contain asbestos roofing, wooden barns, metal structures and flat or corrugated roofing which you wouldn’t expect anywhere else. They could also have different types of fixtures and fittings, heating and hot water systems or more complex electrical systems. If these are severely damaged and therefore need rebuilding or replacing, there may be a much more lengthy and costly process to go through to put it right. This is where one of our specially selected commercial building insurance products comes in.
Tenant types
Domestic tenants usually only use their home address for private living and don’t run any kind of business that requires the use of heavy industrial equipment, large numbers of employees or deals with hazardous waste for example. A commercial insurance product would consider all these factors as well as look at the overall use of the building to consider the risks of things like fire, flooding or other damage. Here at Real Insurance Brokers we are committed to working with each of our clients to assess the uses of the building and find a cover that will match the risk your tenants pose to it. We will then provide you with a commercial property insurance quote which fully considers the type of building you have and what specifically it will be used for.
What other insurance should I consider for my commercial property?
Beyond insuring the building and your contents, you should consider what other covers may be required or appropriate to your business needs. If the property is multi-tenanted and has communal areas (hallways, stairwells or even the car park) you may need to consider Public Liability Insurance. If you have staff carrying out maintenance – even just a cleaner – you will also need Employers Liability Insurance. There is a host of further considerations beyond insuring the commercial property itself. Give the Real Insurance tea a call today, we can help you decide what you may or may not need.
Talk to Real Insurance Brokers today
Real Insurance Broker are experts in the field of Commercial Property Insurance and are proud to offer an excellent, hassle-free service saving you both money and time. We also make sure every quote we give is tailor-made to your exact requirements, so you can rest assured you’re completely covered should the worst ever happen.
So if you’re a landlord or property management company with a commercial property on your books, call us today for a competitive, no obligation quote.
