Commercial Property Insurance Comparison
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Commercial Property Insurance
What is commercial property insurance?
Commercial property insurance is a tailored insurance coverage against damages to commercial properties. Some policies can include contents cover in their coverage but many will simply insure the properties only. Commercial property insurance will cover the costs of repairs, services and materials caused by damaging events such as fire, theft and natural disaster. Most commercial properties can be insured regardless of their size with the option of additional coverage for items including fencing, gardens and other related spaces.
Who pays building insurance on commercial property?
The owner of the commercial property will typically be the one responsible for paying the costs of a commercial property insurance policy. This can include the direct owner of the commercial property or the business operating in the property if the two are acting as separate entities. An agreement will usually be reached between the two parties in these instances however the more common outcome is the direct owner will manage commercial property insurance.
How much does commercial property insurance cost?
Like with many other insurance products on the market, the exact cost of a commercial property insurance policy will depend on certain factors unique to you. These factors can include the size of the property you wish to insure, the number of businesses operating in the property and the associated risk factors to the insurer around insuring your property. These factors are not exhaustive however it should give a general idea around the difficulties of providing an exact price range without getting a quote. The best way of getting cheaper commercial property insurance is by comparing multiple lenders and deals in order to find the best deals on the market.
Who needs commercial property insurance?
For the majority of cases in the UK, you will not be legally required as a commercial property owner to have insurance. Some instances where a landlord may require a tenant to have commercial property insurance can be considered an exception to this rule as is the case with instances of triple net leases. Given the costs involved with potential repairs and replacement materials, it is strongly recommended that you take out commercial property insurance to protect your finances.
Here at Tiger.co.uk, we have complied a panel of specialist UK based insurers. This means it’s never been easier to compare your options and get cheaper commercial property insurance today!