As the owner of a commercial property, you will want to make sure that your investment is fully protected by commercial property insurance. You need to think about insurance not only for the physical element of the building, but also for any ongoing rental income that could be affected in the event of a major claim.
There are a number of insurers who write Property Owners business, but they all offer different wordings and additional covers, and so it is important to engage with a broker who can analyse this for you and place your business with the insurer that is best matched to your needs.
As the owner of a commercial property, you will want to make sure that your investment is fully protected by commercial property insurance. You need to think about insurance not only for the physical element of the building, but also for any ongoing rental income that could be affected in the event of a major claim.
There are a number of insurers who write Property Owners business, but they all offer different wordings and additional covers, and so it is important to engage with a broker who can analyse this for you and place your business with the insurer that is best matched to your needs.
Covering the physical building is important but there are a number of other options to consider when looking to protect your investment:
This Insurance will cover the physical structure but it is important to establish the correct rebuild sum insured to avoid underinsurance in the event of a claim. We will recommend a rebuild cost assessment to you in order to deal with the adequacy of the sum insured. We would recommend that cover is taken out on an all risks basis.
Covers the money you would lose, as a landlord, if your property becomes uninhabitable due to an insured event (e.g. a fire or flood) and your tenants are forced to move out. This Insurance would enable you to claim back the lost income.
As a landlord you may employ cleaners, handymen, clerical staff or gardeners. This will mean that you are required by law to take out Employers’ Liability Insurance to cover you in case they get injured or become ill whilst carrying out duties on your behalf.
Covers your legal liability to pay compensation for injury to third parties or their property. As the owner of a building you could become liable for such claims. A simple example could be a visitor tripping on your premises or a tile falling off a roof and hitting a member of the public.
Provides legal advice and covers for legal costs in the event of a dispute relating to your property, such as a disagreement with your tenant. It includes cover for legal action and court proceedings.
In the event of a major claim such as a large fire it would be in your interest to have a loss assessor working on your behalf to help you with the claim.
To discuss any aspect of your commercial property insurance requirements with us, please contact us and one of our dedicated Account Executives will be in touch to assist you further.
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R K Henshall & Co Ltd are Independent Intermediaries and are authorised and regulated by the Financial Conduct Authority. Registration Number: 308865. Directors: J.R. Henshall B.A.(Hons) ACII Cert CII (FS), A.J.Simpson ACII, A.Brown FCCA. Written quotations, policy terms, conditions and exclusions are available on request.
Company Secretary: A.Brown FCCA. Registered No. 01285024
R K Henshall are very proud to support Lupus UK. Lupus UK is a charity very close to our hearts. Unfortunately, Nita Davies who had been a stalwart of our company from it’s very beginning lost her battle against this terrible illness in 2013. Lupus UK is the only National Charity which supports people with the immune system illness. (Registered charity nos. 1051610, SC039682) Click here to read more about Lupus UK.
