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Commercial Property Insurance covers the building from which you operate, if you own that building. It protects your most valuable asset– the bricks and mortar.
There are two types of Commercial Property Insurance: buildings and contents. Buildings Insurance covers the rebuild or repair of the building due to events such as a fire, flood, storm, theft, burst pipes, fallen trees, riots and subsidence. Contents Insurance protects what your business owns inside the building, such as equipment or stock. The level of cover you need will depend on the type of building you own.
If you’re a business owner in the UK, the law doesn’t require you to have Commercial Property Insurance; but that doesn’t mean it’s not important.
It should be a top priority for your business because it protects against unexpected damage and disruption if the worst was to happen. It could be a fire in the kitchen that means your restaurant can’t open or burst pipes in the office leaving you and your team without a safe place to work from - not forgetting the possible damage to computers, carpets, furnishings and fixtures.
Without suitable cover in place, the business interruption (loss of earnings because your business can’t operate) and the cost to repair, rebuild and replace the damage and lost contents could have a serious impact on your livelihood; it pays to be covered.
The type and level of cover you need will depend on your business’s unique needs. This is where an expert broker can help you work out what needs protecting.
Commercial Property Insurance policies can cover your buildings and contents (if added) on an ‘all-risks’ basis. This means your business is protected against all risks, except for those specifically excluded in the policy.
You can also add Business Interruption Insurance to cover for loss of earnings.
Find a commercial property insurance broker