Commercial property insurance
Designed to protect commercial properties from unforeseen disasters and costly damage, commercial property insurance is often viewed as an essential by those in the know. Typically coming into play in the event of fire, theft, or natural disaster, its purpose is to ensure that the policyholder is never left out of pocket by an episode they couldn’t predict. That’s why commercial property insurance is vital for your company.
Allowing you to compare business insurance in an instant, we’ve made it easy to find the best policy for you, while also producing this handy guide to help you work out whether it’s something that you might be interested in.
In This Guide:
- What is commercial property insurance?
- Why do I need commercial property insurance?
- What’s covered by commercial property insurance?
- How can I get cheap commercial property insurance?
What is commercial property insurance?
As we touched on above, commercial property insurance is designed to protect the business premises of policyholders. Coming into play in the event of unforeseen and potentially costly disasters such as fire, theft, or flooding, it often applies not only to the bricks and mortar structure, but to any machinery or equipment that’s located inside too.
Covering the costs of any necessary replacements or repairs, the purpose of commercial property insurance is to provide financial compensation, so that you’re never left out of pocket should the worst happen. This is the reason why so many businesses wouldn’t be without it, and why numerous experts recommend that you cover your company financially by taking out an appropriate policy when you have the chance.
Why do I need commercial property insurance?
Many businesses wonder whether it’s really worth the time and expense necessary to take out commercial property insurance. While this is, of course, dependent on your individual circumstances and your own preferences, we would always suggest that you give it some serious thought before opting to take your chances.
The reason for this is simple: it’s impossible to predict what the future might hold. Without a crystal ball to tell you what’s ahead, you cannot discount the possibility of some disastrous event that will affect your premises and leave you and your business out of pocket.
Indeed, if you own a business premises, the only real way to keep your investment safe is to take out an appropriate insurance policy. Ensuring that you won’t be left unable to cover your overheads no matter what repairs are required, this type of cover acts as a safeguard for your future successes, by making certain that no single event can destroy what you’ve built.
What’s covered by commercial property insurance?
When you start to compare commercial property insurance, you’ll quickly discover that no two policies are the same. The exact limits of your cover will be determined by your provider, so it’s important to check the specifics before you sign on the dotted line.
That being said, there are two primary types of commercial property insurance: buildings and contents. The former tends to apply to the rebuild or repair of damaged premises as well as any fixtures and fittings inside, and typically protects against events such as burst pipes, floods, fires, riots, storms, subsidence, and theft.
Contents insurance, on the other hand, covers what’s inside the building, like equipment and stock. You will only require the latter if you both own the property and operate the business inside (if you have a tenant, it will be down to them to take this cover out themselves).
How can I get cheap commercial property insurance?
Many experts argue that commercial property insurance is a vital component in keeping your business safe, and are surprised that anyone would choose to forego it. That being said, we understand that there are many who find the cost prohibitive, especially if they’re running a smaller enterprise with lower overheads.
For these people, the holy grail is to find commercial property insurance that doesn’t break the bank, but it can be difficult knowing where to locate this. If you’re among them, wonder no more.
Although commercial property insurance can be expensive, there are dozens of different providers out there, all of them vying for your business. This helps to keep costs competitive, and comparison sites like ours are the best places to find a business insurance deal that suits you.
Comparing all of the major providers on the market, Money Expert makes it easy to compare not only prices, but the specifics of what each policy includes, so that you know exactly what you’re getting for your money.
Take advantage of our simple and straightforward comparisons today to find the perfect commercial property insurance for your business.