This site uses cookies to provide you with a great user experience. By using insurance1.com you accept our use of cookies.
Get a Quote

Commercial Property Insurance

If you are looking to protect a building that is used for business purposes, then you will need commercial property insurance, as opposed to regular buildings insurance. Types of premises that would be described as commercial properties are;

  • Offices
  • Restaurants
  • Shops
  • Sport facilities
  • Nursing homes

While commercial properties insurance is not a legal requirement it is highly recommended to get a policy in place to protect your building, should the worst happen you want to be financially protected.

What does commercial property insurance cover?

Insurance for commercial properties will cover the cost if you need to rebuild or repair your business premises. It can also include cover for your equipment and stock inside the building. In the case of you being a landlord, taking out contents cover will be the responsibility of the tenants. Although contents insurance is an option for you if you have supplied your own appliances and furniture to the tenants.

Commercial properties insurance covers you in the event of;

  • Escape of water (burst pipes)
  • Storms
  • Flooding
  • Subsidence
  • Theft
  • Riots

There are a few things not covered by commercial property insurance which you should be aware of, such as;

  • Wear and tear - You will not be covered if damage was caused by normal use over time, or poor maintenance.
  • Damage caused by animals - There are many policies that have exclusions for damage that is caused by vermin such as rats, insects and even domestic pets.
  • Unoccupied properties - If your property has been left completely unoccupied for a predetermined amount of time (normally 30 days) then the policy may become invalidated.
  • Bad craftsmanship - Most policies won’t cover you if there is damage caused by bad craftsmanship. It is important to always use a trusted tradesperson.

How much does commercial property insurance cost?

There is no set price for insurance for commercial properties as policies will be priced individually based on many factors. Some of these factors include;

  • Type of business the property is used for
  • Age of the property
  • The security measures the building has in place
  • Level of cover required
  • Is the property in an area prone to flooding
  • Your claims history

Of course if you are also seeking contents insurance, the value of your stock and equipment will also have an effect on the price.

insured residential building with terrace

Contents Insurance

A contents insurance policy will cover the cost of replacing the equipment of stock of your business if it is damaged or stolen.

When you are valuing your stock and equipment, you should take into consideration the item's cost price, not its sale price. It’s also important to consider whether there are times in the year you carry more stock than usual, such as Christmas time, as if this is the case then you need to make sure that your insurance covers this.

There are two types of contents insurance.

Replacement as new

This type of policy will make sure that your damaged or stolen item will be replaced with a brand new one.

Indemnity Policy

This kind of policy will take wear and tear into account when replacing your stock. If your items have lost value then the insurer will pay out the lower figure in the event of a claim.

Landlord Insurance

Insurance for landlords is different to a standard home insurance policy, although there will be some similarities. You will still be covered for damage to the property against a range of different risks, such as storms, theft, fire and water damage, but you will also be covered against things like loss of rent, landlord emergency cover and legal expenses. Legal expenses will help with the cost of dealing with legal matters such as contract disputes, tax and VAT investigations,and even eviction of squatters. Importantly you are also covered for accidental damage caused by tenants and any vacant periods you have in between tenants.

Do I need landlord insurance?

If you have standard home insurance it is highly unlikely that will be covered for all risks involved in being a landlord. It is true that having landlord insurance in place is not a legal obligation in the UK, but many buy-to-let mortgage providers will require you to take a policy out before any tenants can move in.

insured warehouse

Types of landlord insurance available

There are a few types of cover you can take out when it comes to insurance for landlords, including;

Why use Insurance1?

Insurance1 has access to a wide range of insurers and brokers, and we can match you with one that is able to provide a policy that matches your needs.

All of the insurance providers we have access to are regulated by the Financial Conduct Authority and adhere to strict regulations regarding the insurances they can sell. As well as this our insurers and brokers are knowledgeable and experienced in the market, giving you confidence they are the right people for the job.

Let Insurance1 do the hard work for you by matching you with a suitable insurance provider, potentially saving you time and money.

Commercial Property Insurance | insurance1.com
Product Lowest Price Highest Price Customer Rating
Commercial Property Insurance | insurance1.com £1352 £48395.1 4.94 / 5

Pricing claim generated from smallest and largest base premiums of policies sold from 1st January 2018 to 31st December 2019 from one of our partners.

Customer product rating is based on 32 reviews from a range of 1 to 5, where 5 being the best.