Question 1

What is commercial property insurance?

Accepted Answer

Commercial property insurance covers the buildings and contents of business premises against risks such as fire, flood, storm, theft, and accidental damage. It can also include property owners’ liability, loss of rent, and terrorism cover. The exact scope depends on the policy and the nature of the property.

Question 2

Do I need commercial property insurance if I lease my premises?

Accepted Answer

If you lease your premises, your landlord is typically responsible for buildings insurance. However, you will need contents insurance for your business equipment, stock, and fixtures. Your lease may also require you to hold certain liability covers. We can advise on the appropriate cover for your situation.

Question 3

Do I need separate insurance if I occupy part of the building?

Accepted Answer

Your commercial property policy covers the building. If you also trade from the premises, you will need business insurance for your operations, stock, and equipment. We can arrange both covers and ensure there are no gaps between them.

Question 4

Is terrorism cover included in commercial property insurance?

Accepted Answer

Terrorism is typically excluded from standard commercial property policies but can be added as an extension. For commercial properties, particularly in urban areas, we strongly recommend this cover. Many lenders also require it as a condition of their mortgage.

Question 5

Can you cover commercial properties under development or refurbishment?

Accepted Answer

Yes, we can arrange cover for commercial properties undergoing refurbishment or development. Specific terms will depend on the nature and extent of the works. It is important to notify your insurer before works begin as standard policies may not cover properties under active development.

Commercial Property Insurance