Commercial property insurance, also known as business building insurance, is a must-have for almost any business – but without taking due care in sourcing your policy, you can pay far more than you need to for coverage beyond what you need, or think you’re saving money while not having sufficient coverage for what you actually require.
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When determining what to insure your property for, you should take care to think about the right value. The market value of your property (what someone would pay for it) isn’t actually as important as the re-build value (what you will receive in the event of a total loss, and what you will need if you choose to re-build and re-fit your property).
It’s also essential to include fixtures and fittings – a lift or a fitted kitchen are both expensive investments and may be important or even essential depending on your business – in your valuation. Shops should take special care to account for their store fronts, as these are often damaged in the event of a break-in as well as other cases of property damage.
You should also decide whether or not it’s important to you to have business interruption insurance – this is not offered in every policy, and you may find that having it and paying a higher premium is better for you. Business interruption insurance allows you to claim if your business has to suspend trading due to fire or flood damage or other events beyond your control.
Installing security devices, from alarms through to grilles and roller shutters, will typically result in a lower premium being asked from your insurer. Having security staff on site will also usually lead to a reduction in premium.
When comparing commercial property insurance policies online, make sure you have all the information to hand and have decided what additional coverage, if any, is essential to you. Once you know what value to insure for and what else you’ll need, you can compare and contrast quotes in the right context to help identify which one will be best for you.