Why Do I Need Commercial Building Insurance?


If you run a business out of any type of property, it is highly recommended that you take out a commercial building insurance policy. This is not actually a legal requirement, so you don't actually “need” this type of cover from the point of view of the law, but there are many reasons why insuring and protecting your premises could be a vital step for your business.

Here, Rigby Financial - specialists in financial services and insurance - list the benefits of purchasing cover for commercial property, helping you to make a decision about the kind of policy you may need. So, why might you need commercial building insurance?

1. You can purchase property insurance that also covers your stock
If you take long enough to shop around and examine each available level of cover in detail, you’ll find the perfect policy for your needs. If you’re concerned about the loss, theft or damage of the items in which your business specialises, taking out insurance can give you the peace of mind that you need, allowing you to be confident that issues with your stock will not inevitably lead to a catastrophic loss of earnings. Taking an inventory of your company’s stock can give your insurer a good idea of what is needed within your insurance policy.

2. Your home insurance isn’t enough
If you work from home, your existing insurance will not stretch to cover equipment purchased for business use. You need to ensure that your livelihood is safe, whether you run your company from a separate premises or not. The misconception that your basic household cover will be enough is a common one, so it’s good to ensure you have a separate policy just to be safe.

3.Build the confidence of your team
Your employees will feel far more at ease knowing that they work for an organised company that takes the running of their workplace seriously, and is insured against any incident that may jeopardise their ability to work. If their equipment is stolen or the building is damaged, it is good for them to know that your policy will be there to assist.

4. Keep your company afloat
Of course, the most important reason to purchase commercial building insurance is to prevent any issue or incident from impeding the ongoing functions of your business. Without insurance, should your property be destroyed by fire, suffer other forms of damage, become targeted by thieves or struggle with other problems, your business could be in danger and may even go under. Insuring the buildings from which you operate is an extremely sensible and highly logical action.

If you’re interested in hearing more about the commercial property insurance policies that are available to you, simply get in touch with Rigby Financial today. However simple or complex your query, Rigby can provide you with information about the many tailored packages on offer, so you can decide which types of cover best suit your business needs.