What Is Commercial Property Insurance?

Commercial Property Insurance is cover that can prove extremely important to the owner and management staff of any business that has its own premises properties or land and uses it for profit or to further the interests of its practices. It’s is not required by law for organisations to obtain this kind of insurance, but you may find yourself in considerable trouble if your business is found liable for something that occurs on its premises and is forced to defend itself against claims for compensation without adequate cover. There are also other matters that may prove difficult without Commercial Property Insurance, such as being approved for mortgages.

Can Optional Cover Be Included??

It’s extremely important that you discuss the type of property your business owns or rents, including its contents and the type of practices undertaken therein, in great detail with your insurance broker before you decide on a policy. Certain “add ons” that you may not have originally been aware of may be available to cover different and specific elements of your premises. For example, glass windows and display cases, air conditioning systems, security systems and different types of roofing can often be insured under the same policy as all your other cover, and, as mentioned, you may be required to confirm whether or not you would like contents insurance included. Along with this, you can also often request Employer’s Liability Insurance, cover for instances of terrorism, cover for contract works, development, engineering and inspections and additional or extended cover for legal expenses – including for any claims brought against you by any tenants of your property or vice versa.

What Kinds of Cover Are NEVER Included in Commercial Property Insurance?

We’ve mentioned that accidental damage and damage caused by natural disasters or “Acts of God” are usually covered in a Commercial Property Insurance policy, but one of the things that is never included is cover for wear and tear that might affect your property or its contents over the years. Rust, flaking paint, stains and other age-related issues cannot be claimed for on your insurance. Additionally, you won’t be covered for any problems caused by poor or defective workmanship. In this event, if the issue has been caused by a contractor, you will need to bring a claim against them in order to be compensated. Otherwise, if your own employees undertook the problematic work, then you will not be covered at all and will need to rectify the issue yourself.

If you would like to learn more about Commercial Property Insurance or require further assistance or advice from expert brokers and legal specialists surrounding any issues you may have in relation to this matter, simply get in touch with Rigby Financial today on 01744 886077 or send an email via enquiries@rigbyfinancial.co.uk. Their friendly team will be happy to help you.

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