We provide herewith a summary of questions relative to commercial insurance, this is not an exhaustive list.
Will my landlord insurance cover my commercial property?
What type of cover will I have?
Can I have loss of rent covered?
Does it cover my employees working on site?
Are legal costs included?
Do I need Terrorism?
It is essential in certain areas to have terrorism cover. It will depend on individual factors specific to the business and its nature. The policy will protect the business against property damage and interruption caused by the acts of Terrorism. We would always suggest that you have this cover but it is up to you. You could always add the cover as an additional item and pay an additional premium. Please don’t hesitate to speak to us in this regard.
Unoccupied commercial insurance is extremely difficult to arrange compared to standard commercial insurance. Many insurance companies do not like to insure the properties as they represent a high risk. Insurers are reluctant to provide cover and premiums can often be higher compared to other building types. We can still obtain insurance covers for you but the actual cover itself may be quite restrictive.
Should I take professional advice on how to protect my unoccupied commercial property?
Do I need to look at the security of my property?
Yes, we would suggest that you, first of all, do a risk assessment of the property. This is to see if there are any potential points of entry for someone looking to break in. Seek local advice from the police of whether there could be a problem with an empty property. We would suggest that you secure the perimeter to deter people from entering the property. Also, you can look at installing closed-circuit TV and alarms. You will often find that CCTV is a must have for anyone looking to protect a commercial property. It will go a long way to potentially reducing the buildings insurance risk which improves the insurance premium. You should then ensure that any important equipment at the property is either removed or secured. It would also make sense to advertise the security on the outside of the building to let potential criminals know that they are being watched. We would suggest that you also carry out regular checks or have somebody carry these out for you.
The more security measures that you put in place the more likely your premium will come down. It is essential to show your insurance company that you are doing your best to protect your investment.
Can I take out a policy for a short or long period?
Unoccupied commercial property insurance is extremely difficult to obtain. We do have markets that will help you cover your property but terms can be restrictive and premiums high. It is important that you do your best to ensure that security professionals check your property. This is to ensure that you are doing the best you can to protect it. If you would like a quote for an unoccupied property insurance request a call back and speak to one of our team.
For competitive commercial insurance call us now