If you own a building and it’s used for business purposes, having the right insurance can protect the building itself is crucial. You need to protect the stock and equipment inside (if you own the business that occupies the building, if a tenant occupies the building you won’t need to cover their stock or equipment unless the property is part-furnished) and a loss of rent, if something goes wrong. At Heath Insurance Services, we can tailor a Commercial Property Owners package to suit you.
Most commercial policies include buildings insurance. They usually cover the repair or rebuild of your property if something happens to it. Speak to one of our advisors to check what is considered ‘insurable’ on each policy, but risks usually include things like fire, flooding, burst pipes and fallen trees.
Whether you operate a business out of your commercial property or if you rent it out, you may still need contents insurance. You may, for example, have fixtures and fittings that are included in your agreement to consider. If you happen to own a shop, for example, there may be many items that don’t necessarily belong to the building, but that aren’t classed as stock. It’s also important to declare an accurate stock take to your insurance provider. Speak to one of our experienced advisors if you’re unsure about your contents.
Loss of rent
If you rent out a business property, and something meant that your tenants couldn’t operate from your property for some reason, you could lose valuable income. You can tailor your cover to include loss of rental income. Depending on your policy details and how you set it up, this option essentially means that you can continue to receive your monthly rental payment, even if there is no tenant in the building to pay it. There are terms and conditions involved, but our team of experts are more than happy to run through these with you, to make sure you have a good understanding of the best options available to you.