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When it comes to insuring those properties that are used for trade and business, it is important to get landlords insurance designed especially for these purposes. Most suppliers of traditional buy to let landlords insurance will also have policies in place for landlords of commercial properties, or will be able to arrange cover if you let them know your needs.
It is important to ensure that your business or retail property is covered by the correct kind of landlord insurance in order to protect yourself from all damaging situations that could occur. This may include unforeseen costs from reasons that will differ to traditional residential property.
What Is Commercial Landlords Insurance?
This type of insurance works in much the same way as buy-to-let insurance, except for the fact that it will also cover the fact that trade is happening on the property. It may also be the case that part of your property is used for trade, and part is used for tenants, in which case you will be adequately protected by commercial landlord insurance. This policy differs from residential landlords insurance, and it is important to have the right one to make sure that you are protected and are entitled to make a claim.
What Does It Cover?
Taking out commercial property insurance means that a wide range of businesses will be covered. This can include:
- And more.
Like buy to let landlords insurance this will cover you against a number of risks including:
- Malicious acts and vandalism,
- Water damage,
- Riots, strikes and political disturbance.
The individual policy will state just what is covered, and this may vary according to the level of cover you take out as well as the insurance provider. You will usually find that most commercial landlords insurance policies have optional extras, including accidental damage.
Why Commercial Property Insurance Is Important
Commercial properties are exposed to all the same risks as buy to let properties, though they are also subject to many others that would not be covered on residential landlords insurance. The policies you will find specially made for commercial properties will usually include additional factors and will therefore protect you in circumstances applicable only to commercial/ residential properties.
By taking out commercial property insurance you will make sure that you are covered against any damage to your property, protecting this important investment. This might include damage to your fixtures and any costs involved in repairing the building.
You will also be covered against loss of rent should your property remain unoccupied after some damage has occurred and is in the process of being repaired.
Depending on the kind of business, you may also be covered for certain liability, including that which can protect the employees of the business as well as the owners of the property.