Commercial Property Insurance for Occupied Commercial Properties
Commercial property owners insurance, also known as commercial property insurance or landlord insurance, is a type of insurance policy that provides coverage for property owners who rent or lease their buildings to businesses. This type of insurance is designed to protect the property owner from financial losses related to damages or losses to the property.
Here are some common coverages included in commercial property owners insurance:
Property Coverage: This is the primary coverage and protects the physical structure of the building or buildings. It typically covers damages caused by perils such as fire, lightning, windstorm, hail, explosion, and vandalism.
Liability Coverage: This coverage protects the property owner in case someone is injured on the property and sues for damages. It may also cover legal fees and medical expenses.
Business Interruption: This coverage helps protect businesses from financial lossess incurred when they are unable to operate due to an insurable loss event. Key Features of Business Interruption include:
- Coverage for Lost Income: Business Interruption Insurance provides coverage for the loss of income that a business may experience during the period when its operations are interrupted or halted due to a covered event. This coverage helps the business maintain financial stability by replacing the income it would have earned if the covered incident had not occurred.
- Operating Expenses: In addition to lost income, the insurance may cover ongoing operating expenses, such as rent or mortgage payments, utilities, and employee salaries. This helps ensure that fixed costs are covered even when the business is temporarily unable to generate revenue.
- Relocation Costs: If a covered event forces a business to relocate temporarily while repairs are being made to the original premises, Business Interruption Insurance may cover the additional expenses associated with the temporary relocation.
- Extra Expenses: Some policies may cover extra expenses incurred to minimize the impact of the interruption, such as the cost of renting temporary facilities, additional advertising to regain customers, or other measures taken to expedite the resumption of business operations.
It’s important for property owners to carefully review and customize their insurance policy based on their specific needs and the type of property they own. The cost of commercial property owners’ insurance can vary depending on factors such as the location of the property, its size, the type of tenants, and the coverage limits chosen.
The importance of covering yourself with Commercial Property Owners insurance cannot be underestimated in the UK. Find cheap commercial property insurance quotes for buildings & contents from Scottish Landlord Insurance. It’s advisable to periodically review and update the insurance coverage as the property or business conditions change. Our aim to find you the best possible insurance coverage for the best possible price. We have full access to Lloyds Markets.