Property

Business buildings are fundamental to the conduct of any operation, so it is important to make sure these are properly protected in the event a claim needs to be made.

 

Cover levels are an important factor when comparing business building insurance, you do not need to insure the property for the market value - how much someone would pay for the property - rather you need to consider the re-build value as this is what the insurance company would have to pay out in the event of a total loss. 

 

You should also include fixtures and fittings (for example a fitted kitchen) in your sum insured.

 

If your business is a shop, make sure that your store front is included in the coverage, as this may be damaged during a break in. Grills or roller shutters on the shop front will deter damage and, in some cases, allow insurers to offer a discount.

 

What's Typically Covered:

 

Buildings cover- should your physical property, including the shop front and fixed glass be damaged by fire, flood, storm or by malicious damage

Landlord's contents cover- similarly you are protected if any fixtures or fittings are stolen or are damaged by fire and flood

Public liability cover- if a third party is injured or their property is damaged in the course of you carrying out your business

Employers' liability cover- in case one of your employees is injured in the course of their work

Rent receivable- loss of rental income caused by damage to the property so much so that the tenant could no longer conduct their business there

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