If you are the landlord of a business premises, commercial property insurance can provide the protection your investment needs. Horner Blakey offers access to a wide range of policies that could protect your property and reduce your exposure to some of the financial risks that come with owning a commercial building.
Commercial Property Insurance London
What is commercial property insurance?
Commercial property insurance (sometimes referred to as commercial landlord insurance) is a specialist insurance policy designed for owners of commercial premises who let out buildings to others.
Taking out this type of insurance will cover the property against loss of damage caused by a variety of unexpected events such as fire, flooding, storms, malicious damage and more. This is known as fire and full perils.
Added extras can also be included to provide protection against buildings being damaged by accidental damage or terrorism
Do I need commercial property insurance?
It is worth considering commercial property insurance if any of the buildings you own are used for commercial purposes. This includes offices, restaurants, retail stores, warehouses, hotels and more.
While it isn’t a legal requirement, many mortgage lenders also insist that you have appropriate insurance to protect their loan
Commercial property insurance provides cover for a wide range of damage costs and Horner Blakey works closely with a trusted panel of insurers to provide bespoke policies that give you real peace of mind.
Before proceeding, always read the full details of your individual policy as terms and conditions will apply.
What does commercial property insurance cover?
Commercial buildings insurance provides can provide cover for:
The structure of the building is covered against damage caused by fire and full perils.
You can take out contents insurance to protect fixtures and fittings and any furnishings that may be included as part of the lease to the tenant
Loss of Rental Income
This cover replaces lost rent if an insured loss occurs
Property Owners Liability
This covers damage to third parties
How much does commercial property insurance cost?
Without knowing more about the specifics of your business it is difficult to provide an accurate cost for taking out commercial property insurance. Some of the factors that will be considered include:
- The size of your property
- The type of construction
- The location (including crime statistics, flood risk etc,)
- Type of tenant
Most of the time the lease with the tenants will make them liable to pay for the insurance premium, so we are able to split premiums and produce separate certificates for separate tenants whether this is for a single property or a portfolio. Every insurance company uses different methods to calculate the premium. Thanks to the long-standing relationships we have with our insurance partners, we may be able to offer you a deal that you are unable to find anywhere else.