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Commercial Property Owners Insurance

Over the last 10 years, an investment in the buy-to-let property industry has been of much more interest to the ‘average joe’. The housing market has performed well, with growth and stability in both the residential and commercial fields.

With more and more interest in the buy to let area, subsequent competition for buildings insurance within this market has risen also making it a lot easier to find insurance for your buy to let property. Although it may be easier to find buy to let insurance, it is vital the correct insurance is in place for your property when leasing the property out to a tenant.

When insuring a commercial property and leasing to a tenant, be aware that there may be many types of policies available from a number of various insurance companies to choose from. Making sure you have the correct commercial property owners insurance is very important.

As a landlord, you will be required to obtain insurance for certain risks. These risks are usually specified in the lease between you and your tenant. This may also be a stipulation made by your mortgage lender. These risks are normally:

• Buildings Insurance
• Property Owners Liability Insurance
• Loss of Rent in the event of damage or destruction to the buildings due to one the insured perils.

Commercial-Protector have an insurance package called CX Commercial that is designed to provide cover for buildings, landlords fixtures and fittings (if you have your own contents in the property that need to be insured), liability as the owner of the property up to £1,000,000.00 and loss of rent protection at a standard of 20% of the buildings sums insured. This package is available for occupied and owner occupied commercial properties and also long term unoccupied commercial properties pending tenants (unoccupied properties do not include Loss of Rent cover).

Commercial-Protector have additional extensions on this type of policy that are automatically included. These are:

• Metered Water
• Loss or rent due to you up to 20% of sums insured for the building
• Transfer of interest
• Professional fees and other costs
• Index Linking of 4% each year

There are many optional extras available on this type of policy apart from the standard cover that is provided. Choosing these extras is down to the individual landlord and whether it would be beneficial to take it up with your buy-to-let policy. These optional extras can include cover for damage to shop front glass, legal expenses, increase to loss of rent, landlords’ fixtures and fittings, and more.

In more detail, Commercial-Protector offers optional extras that can be added to the policy. These include:

• Increase Loss or rent due to you to more than 20% of sums insured for buildings if required.
• Landlords fixtures and fittings, which are covered for most of the same perils as the building is covered for.
• Occupiers Liability.

When buying insurance for your commercial property, remember that there are many types of insurance that may not necessarily be suitable for your needs. These will vary greatly in price. Before buying your insurance policy, make sure you get some advice as to which insurance is suitable for you and always make sure you read information from the insurers about the product first. All policies will have exclusions and terms and conditions you may not be aware of. Although it may look like a great price, it may not be the best insurance for you!

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

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