What do you think of when you see the words “commercial property insurance?” You may not realize how wide-reaching commercial property insurance must be as it needs to provide cover for anything from a small business letting property you own to a huge business that owns the property, the building, and everything in it. It is easy to underestimate what you need for insurance so it is best to work with a premier specialist insurance company like Prosura. We can make getting the correct commercial property insurance package easy.
Consider the small business renting property that you own. Two different insurance packages are needed in this situation for two different people. First, the property owner (you) needs insurance that provides cover for damage to the building from causes such as fire or renter/customer damage. It is important to get insurance that covers every cost involved in bringing your building back to the required conditions. If you skimp on this insurance you could find yourself paying for many of the rebuild costs. You may also want cover for damage or loss of anything that belongs to the business who is renting so that you will be covered if the tenant attempts to sue. They could claim that something about your building (say, a burst water pipe) caused the damage or loss of their belongings and that you are responsible.
Second, the small business (the renter) needs cover for everything involved in their business from loss of stock to damage to computer systems the business requires. If the small business has made substantial changes to the rented space, they may also wish to have insurance that covers loss or damage to their added fixtures since the building owner’s insurance may not cover the renter’s changes.
What if you are the person, or one of the persons, who owns a large sized business that sits on property the business owns. The needs of a large business that owns its own land and building may seem more straight-forward, but their needs are larger and can actually be more complicated. Obviously, you are going to want the best cover for your largest assets—the land and building. Severe damage or complete loss of the building or land will cripple the business. The insurance you choose can make the difference between a business that can rise like a phoenix from the ashes and a business that goes under and never returns after a major physical disaster.
The products produced by your business also need cover. This includes when the stock is in the production building and the storage buildings. There are also insurance policies available to cover products through shipping and while in storage at the buyer’s facility. If your items break while in storage the people who purchased the items may feel that there was something faulty with the products that caused the loss and that your business is at fault.
There can be other types of losses to cover. Some people want to add D&O (directors & officers) insurance to their package. They want insurance that will cover any personal assets of the owners and company officers in case they are personally sued by employees, customers, vendors, or competitors.
A newer kind of loss can come from computers being involved in the business. The physical loss of a computer system due to damage from fire or water can be devastating. What if the computer system fails and the business has to be shut down until everything can be fixed. Threats can also come from the outside when a hacker attacks. Cyber security has become more popular than ever before because of our reliance on computers and related electronic items.
As you can see, the need for commercial property insurance can lead to a very complex set of issues. Let Prosura help you and your business. We have the experience to know what is important when it come to insuring your commercial property. We can help plug any holes in your insurance so that all things related to your commercial property will be well covered.
Prosura Ltd (Authorised and Regulated by the Financial Conduct Authority) is a trusted business insurance broker based in Yorkshire that specializes in FEC Insurance, Soft Play Centre Insurance, Insurances for Surveyors, RICS Surveyors Insurance, Distillery Insurance, Petrol Station Insurance, Brewery Insurance, Nightclub Insurance, insurance for architects, Bed & Breakfast Insurance, takeaway insurance, insurance for pubs, café insurance, Restaurant Insurance, commercial property insurance, Professional Indemnity Insurance, Landlord Insurance, HMO Landlord Insurance, HMO Insurance, Student Landlord Insurance and more.
To inquire about any of the services mentioned here (or on the website), call Prosura on 01924 562777 any weekday between 9am and 5:30pm.