Whatever premises your company works from or within – with the only exception being that you are an individual working from home – it’s extremely important that you consider obtaining commercial property insurance. Because it is not a mandatory legal requirement, some business owners see this type of cover as an unnecessary expense and decide against purchasing a policy, but there are a great many reasons to ensure that the buildings you use are legally protected. The specialists in commercial law at Rigby Financial know the risks of going without commercial property insurance very well, so read on to discover a few things you might not have known about this type of cover before you make your decision.
It Can Cover a Surprising Range of Structures
From barns to office blocks and from largescale housing schemes to factories, there will be a policy out there that suits your business to a tee. Don’t presume that your company is too big, too small or too “unusual” – there will be something out there that meets your needs.
Not Every Policy is the Same
Because of the wide range of eventualities and business types commercial property insurance can cover, there are a variety of bespoke elements that can be included as part of a policy. You shouldn’t assume that every insurance broker offers the same type and extent of cover, and you should definitely shop around to find the best match for your business. When you approach a specialist, first take a look through the basic policy that they offer, then ask about any possible add-ons. It’s a really good idea to explain your business to them in depth, including details of its undertakings, products and clients as well as the duties and activities of any contractors and staff members that work within it, as this will allow them to tailor make a perfect policy for you.
Commercial Property Insurance Can Include Third Party Liability
You can arrange for third party liability insurance to be included as a part of your policy, which means that should an employee, contractor, client or visitor injure themselves as a result of an incident on your site that may be due to negligence on your company’s part,your legal fees will be covered if you are sued.
You Can Arrange Cover for All Kinds of Damage
From flooding to vandalism to the cost of a full rebuild, you can pick elements of a policy that will cover you for almost any unfortunate eventuality. You can also have your property’s contents insured.
Protecting You as a Landlord
If you usually have tenants utilising your property for business purposes, you will be able to purchase the cover that will protect you if you are forced to take someone to court for non-payment of rent. You can also ensure that you are not out of pocket throughout any periods where the property stands empty or is unusable due to damage, and there are some policies that will even cover you for any instances of malicious damage to your buildings undertaken by a tenant.
The Specifics
You’d be surprised by how many parts of your commercial property can be insured under one policy. Some opt-in elements include a“flat roof warranty” clause, which depends on a minimum amount of servicing being undertaken to ensure that your roof remains in good condition. You can even insure certain glass features in your building, such as shop windows and display cases.
Overall, the wide variety of areas in which you as a business owner can be protected simply by choosing the correct commercial property insurance policy is pretty amazing. Going without can lead to extreme expenses – resulting from both legal fees and necessary repairs and replacements – and, at worst, can drive a company into bankruptcy.
How Do I Obtain Commercial Property Insurance?
Most brokers specialising in corporate and commercial insurance will offer commercial property insurance policies. The best approach is to search for companies that have a good reputation and verifiable positive case studies as a start, then contact each to discuss your unique needs and requirements.
If you are interested in discussing commercial property insurance options with Rigby Financial, simply get in touch with them via 01744 886077, email enquiries@rigbyfinancial.co.uk or fill in their handy contact form here. Their knowledgeable team of legal specialists will be more than happy to answer any questions you may have.
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