Commercial Landlords Insurance, a guide for property owners
If you rent out your property for business or trade purposes, you will need to have a suitable insurance policy in place.
Commercial landlord’s insurance is widely available from insurers who provide business insurance. Companies that offer standard buy-to-let cover will also be able to arrange commercial landlord’s insurance for you.
If a property is being rented out for anything other than normal residential purposes, it is necessary to have the proper commercial cover. There are many things that can go wrong in a commercial environment that you may not consider if you usually rent out your properties for people to live in.
What is commercial landlord insurance?
It’s quite similar to buy-to-let insurance, but will also cover any business which is carried out on the property. Your tenant may use part of the property as a place to live in and another part to operate their business. In this case, commercial landlord’s insurance will give you the suitable cover you need.
There are differences from the standard landlord’s insurance, so it is essential to have to correct cover in place in case you have to make a claim. Having the wrong cover to start with will cause problems further down the line.
Insurance for a commercial premises will cover your property for use by a large number of businesses.
Just some of the businesses include shops, pubs, restaurants, offices, takeaways and warehouses.
Just like many basic building insurance policies, or standard buy-to-let cover, commercial landlord’s insurance will cover you against a range of potential risks including fire, flood and water damage, smoke, theft and damage caused by acts of vandalism.
It will also cover your property in case it is damaged as a result of riots, strike or political disturbances.
What’s included in your policy may be different depending on what level of cover you take out so it’s advisable to check before committing to any policy. Most commercial landlord’s insurance will offer extras such as accidental damage so make sure you find out what’s available.
Why do I need commercial property cover?
Like any property, commercial premises are exposed to many of the risks. However, there are other factors which set business properties apart and which won’t be covered by residential landlord’s insurance.
There will be features specifically tailored to commercial properties in your insurance policy, protecting you against those unforeseen circumstances.
You’ll be protected for damage to your property, which will mean the money you have invested in getting it ready for business use won’t be wasted. Damage to the building and the fixtures and fittings will all be covered by your commercial cover.
If the property is damaged and your tenant cannot operate their business because repairs need to be carried out, you will be able to claim for the loss of rent while the building is empty.
Certain policies will also over specific levels of liability cover depending on what type of business is operating on the premises. This will protect the staff working there, as well as the owner of the business and the owner of the property.
For more information on commercial landlord’s insurance or for competitive rates of cover, get onto BusinessInsured.co.uk or call our friendly UK-based team on 0800 1073404.
Get a cheap Commercial Landlord Insurance quote today at BusinessInsured.co.uk
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