Looking for Business Buildings Insurance?
If you operate out of a shop, office, pub or even from home, business buildings insurance can give you peace of mind that the property you’re in will have financial cover.
With many mortgage providers insisting on business buildings insurance as a condition of the loan, it’s worth double checking the small print, knowing exactly what’s covered and tailoring your policy to suit your business.
Business buildings insurance can help you cover the cost of repair, or even rebuild, should your business fall victim to:
Keeping your bricks and mortar safe
If the building you or your tenants are working in is a business premises then it’s wise to take out business building insurance. There are plenty of business types that could benefit from this type of cover, including:
- Freelancers working from home
If your tenants move out
If you’re a landlord and not using the property for your own business, then you could find yourself losing out on precious income if tenants move out and you take a while to find replacements.
Some insurers will allow you to add loss-of-rent protection as an extension to your policy which can help you to cover things such as the mortgage, utilities, extra security and other overheads whilst you’re looking for new tenants – it will be just like getting a monthly rental payment.
What happens if the building needs extensive repairs or a rebuild?
If you’re facing a lengthy period of time that you or your tenants can’t get into your business premises to work for any reason, costs could start to build up. For example, if there was a fire and part of the building needed rebuilding, financial challenges could include:
Adding business interruption insurance to your business building insurance policy might be a smart thing to do as it could help you to cover these costs and help to get you (or your tenants) back up and running as quick as possible.
Getting the right level of cover for your property
When taking out business building insurance, your insurer will need to know all the details about your property including its age, location, purpose and any modifications or outbuildings. They may also ask how much you bought it for.
Business Buildings Insurance – Useful FAQs
If you own the property with no mortgage then it’s wise to take out business buildings insurance, although it’s not a legal requirement.
Sometimes. Often insurers will give you the option to opt in for broken glass cover, which could also help with boarding up costs too.
Not to worry, some insurers will offer you the option to have lock replacement cover in your business building insurance policy. This can often include digital cards too.
Certainly. If you have more than one property and are looking for a business building insurance policy to protect them all, then you’re likely to be able to do so. Obviously, each insurer is different, so shop around to find one that fits your circumstances.
Usually insurers will offer you protection against fire, arson and even electrical fire, but double check the terms and conditions of your policy, just in case.