Commercial Property Owners Insurance

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Commercial property owners insurance is cover for property used as a business, whether is be a factory, shop, salon, boutique or otherwise. Any commercial property owner usually has to be prepared for mishaps like storms, earthquakes, fire, explosions, lightening, etc. Factors that have an impact on the premium paid for commercial property owners insurance usually include whether the property is occupied, how it is occupied and what type of trade the business is involved in. Once this information is conveyed to an insurer, risk factors are calculated and a premium is set. For example, property used as an office will usually tend to carry a lower premium than catering businesses, whilst some manufacturing establishments will most likely carry some of the highest premiums. Where the property is located is also a determining factor in setting a premium. By knowing where a business is located, a solicitor can set risk levels for perils such as flooding or subsidence.

Owners purchasing commercial property insurance will usually have, as part of a policy, an amount insured for any rent loss brought on by a peril like a flood or fire. This amount is usually a determined percent of the sum insured building, which is often around 20 percent, depending on the insurer. Rent loss cover due to peril is usually a 12 month period, but in some cases may be extended for an additional fee. The solicitor and property owner will most likely work together to see what sum insured makes the most sense. A reputable commercial property owners insurer will work out a tailored insurance solution to meet your needs, no matter what type of commercial property you wish to insure. It's a very important decision to make to protect your investment.

Cover Summary

A range of cover is available under commercial property insurance including building and contents, loss, theft, malicious damages, riots, burst pipes, explosions, fire and natural disasters. Since many commercial property insurance polices carry exclusions, it is recommended that a potential client thoroughly read policy details before committing to any given insurer. Extras usually include protection for legal cover, personal valuables kept on commercial property and cover for accidental damages. Again, it is important to review details of a policy to see if some extras are considered part of a standard commercial property owners policy; therefore no additional fee will be incurred.

Benefits Usually Included on a Commercial Property Owners Insurance Policy

Typically, a commercial property owners insurance policy will include cover for damages or loss on a commercial building(s), loss of rent insurance, cover for greenhouses, swimming pools, garages, outbuildings and conservatories, employers liability insurance, terrorism, legal defence fees, 50% day one uplift, trace and access, and inadvertent omission to ensure. It may also include wide definition of 'building', a loss adjustor for all commercial buildings claims and failure of other insurances.

For commercial property owners, insurance is important protection in running a business, whether it be established or brand new. Any unexpected mishap could ruin a company if there is no or inadequate insurance cover. By providing a solicitor with the correct information about the type of property you own, finding what type of cover you need doesn't have to be complicated.

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