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Commercial Property Broker

If you are a landlord and have recently brought a building, which you intend to let out on a commercial basis, your mortgage lender will usually require you to take out a specialised buy to let insurance package specially tailored to cover in the event of loss or damage to our asset. Most insurers have to know that the building is occupied for commercial purposes and the type of trade used to occupy these premises.

There are more and more insurance companies now offering buy to let insurance policies for landlords of commercial properties. Insurance packages cover a host of trades occupying these premises. Examples include: Shops, offices, social clubs, café’s, restaurants, pub, guest houses, hotels and takeaways. They are specialist insurance policy underwritten with a view to protecting you as a landlord. Flats above commercial buildings are often included as part of the commercial property broker insurance policy as long as the whole building is insured and the property is let to an acceptable tenant. Each insurer will be able to stipulate this to you.

The list of trades that are acceptable can range far and wide and quotations can usually be obtained and cover bought over the internet. The main insurance cover provided will be designed to cover the property against:

Fire, explosion, lightning, earthquake, smoke, riot, civil commotion, strikes, labour or political disturbances, malicious acts or vandalism, storm or flood damage, water or oil escaping from any fixed domestic appliance or system including any costs in locating the source of any escape, frost damage to fixed water or heating systems in the premises, theft or attempted theft, impact by road or rail vehicles, subsidence landslip or heave, accidental damage to cables or underground service pipes servicing the premises, subsidence landslip or heave and accidental damage to any cables or underground service pipes servicing the premises.

All of the above are known as ‘insured perils’. They can be found on most building insurance policies.

The difference with a buy to let policy from a normal buildings insurance policy is simple. As the name suggests, the term ‘buy to let’ means that although you own the property, you do not wish to occupy the property yourself. Your aim will be to let property to meet the requirements of another individual, whilst maintaining your financial standing from owning the asset whilst maintaining a suitable income to cover the mortgage payments.

It is in hope that the property increasing the value over time, meaning that when you come to sell the property you recoup the money paid whilst making a tidy profit on top.

Although traditionally, insurance brokers have been the first port of call for many landlords wishing to get the correct insurance cover, over the past few years - thanks to advancements made with internet technology, more and more companies are willing to offer their services directly to the consumer, and vice versa. Cutting out the ‘middle man’ can mean you have full power to choose your own insurance requirements without the fee’s involved. Of course, the lack of insurance knowledge that you would normally obtain from a broker can be a downside, but at the end of the day money talks.

Quote online or call us on 0845 226 8559
Mon - Fri 9.00am to 5.00pm

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