Commercial Property Insurance

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.

Types of landlord insurance available

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

• Landlord building insurance - This will provide cover for any damage loss to the building.
• Landlord content insurance - If the property you are renting out is furnished by furniture and appliances that belong to you, then it is advisable to take this cover out to protect your contents.
• Rent Guarantee - This could provide cover if your tenants are unable to pay rent.
• Rental income protection - If your property is damaged, and you are temporarily unable to rent it out, then this type of cover will protect you against loss of income. There is also, unoccupied property cover which will protect against loss of income if you are in between tenants, or you are making renovations to your property before you rent it out.
• Property owners liability - This is essentially public liability insurance, and you could be protected against legal costs if a tenant is injured in your property and puts the blame on you.

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.