What is commercial property owners insurance?
Commercial property owners insurance, also known as commercial landlord insurance, is designed to offer specialist protection for landlords letting out buildings to third parties for commercial use.
Do I need commercial property owners insurance?
Commercial building insurance is not a legal necessity but without it you will have to pay for any damage the property suffers. You will also be liable for any third-party compensation claims related to property damage or injury through negligence.
Can you cover annual rental income and for how long?
In the event of a severe fire loss (or other insured peril) your property would be not be fit for occupation and you may therefore suffer a loss of rental income until the property has been fully repaired. The length of time it will take to repair your building will vary, as all buildings are different - and you must take into account the location, type and construction of the property. Specialist properties, grade 1 and 2, can take longer to build by their specialist nature. It is best to be cautious and consider a minimum of 24 months or longer.
Can you cover unoccupied properties?
Yes we are able to cover unoccupied properties up to 30 days on a standard package for fire, lightning, earthquake and aircraft. Longer periods can be arranged with some of our specialist insurers.
Can you cover me for buildings insurance if the building I'm looking to insure is listed?
Yes, we are able to offer cover for listed buildings.
There’s a flat above my property, is it insured on my policy?
It depends; if buildings cover is included, the structure of the flat would be too. With buildings cover this would include property owner’s liability, so slips and trips related to the building as a whole can be covered. It is down to the tenant of the flat above to arrange cover for their own goods/contents.
What happens if I sell my building and the insurance is no longer required?
The premiums are generally refunded on a pro-rata basis. Therefore, if you have paid in full for the year then you would be entitled to a return of premium (minus commission and fee). Likewise, if you are paying by direct debit there will either be an outstanding balance to pay or a return due back to you, depending on where your payments fall in the month. Most insurers are unlikely to allow a refund where a claim(s) have been made in the current year.
How can I correctly value my buildings and contents?
We would advise that your buildings sum insured should represent the true reinstatement value of the property following a total loss, including the costs of debris removal, architects' fees and rebuilding.
You can contact the Royal Institute of Chartered Surveyors (RICS) for independent professional advice. We also recommend you have a professional survey conducted.
Is there a cooling off period?
Commercial insurance works slightly differently to an individual’s insurance policy; please be aware there is no cooling off period in commercial insurance.
Are you able to email me my documents?
Yes, we give our clients the option of receiving documents by post or email. Just let us know when you set up your policy, or call us at any time and we will resend them.
Who are the insurers?
This depends on the policy you have chosen. We act as brokers and have several schemes with different insurers. You may receive quotes from a few different insurers depending on the cover you request as we will seek policies from our preferred panel of insurers. View your policy documents to see who you are covered with.
How long does it take to get a quotation?
It varies dependant on each individual risk. On average we can provide a quotation within 20 minutes. For more specialist insurance we generally ask for a couple of hours so that we can go out to the market and find you a range of competitive quotes to choose from.
How can I pay?
You can pay in full or by direct debit. Payment in full can be done via BACS transfer or debit or credit card. All major cards are accepted except American Express.
Can I pay in instalments?
To help you spread the cost of your premiums, we offer a quick and easy direct debit scheme for spreading payment over ten months. Please visit our dedicated Direct Debit page to find out more.