Owning commercial property brings with it responsibilities and one such is the need to have commercial property insurance. Indeed, if there is any form of loan or mortgage secured on the property there is a legal obligation to have commercial property insurance.
Commercial property insurance, though, is something of a generic term as it embraces all types of property and uses. No matter a customer’s particular circumstances, Q4
Insure can help hook them up with the commercial property insurance deal that’s right for them. Right for their commercial property insurance needs, and right for their budget.
Among those served by commercial property insurance are accommodation landlords, business property landlords, property developers and a host of business properties not classified as residential or owner-occupied. Commercial property insurance provides buildings insurance for the entire gamut of non-residential, commercial property that is let, rented or leased including flats, shops, offices, factory units, retail parks, retail and industrial units, multi-storey commercial property, nursing homes, pubs, clubs and hotels. In addition to buildings insurance, commercial property insurance, on the whole, automatically includes public liability insurance.
So what else is there to know about commercial property insurance?
The golden rule is that property should be insured for the full rebuilding cost, not its market value. These two figures can vary widely, so it is worth checking out carefully by obtaining an up to date rebuilding estimate. This may appear on a valuation report that was carried out on the property.
You may also wish to consider loss of rent insurance to cover against loss of any rent following a claim through the buildings insurance. Please note that this does not cover non-payment by the tenant.
Also, be aware that commercial property insurance assumes the property is tenanted. If this is not the case, you need to buy unoccupied commercial property insurance as there are strict rules governing these matters to reflect the higher risk pertaining to an unoccupied commercial building.
Because the commercial property insurance market is such a diverse one, it pays to shop around. There are some massive variations in price, so being complacent and simply paying the renewal each year isn’t doing you any favours. Price trends also fluctuate, making the need to seek out the best deal even more important. Brand loyalty is a thing of the past when it comes to insurance.
Thankfully, by being here on Q4 Insure, competitively priced commercial property insurance deals are only a few mouse clicks away. Find out how much you can save by completing our online quotation form. It’s easy and simple to use.
