Frequently Asked Questions About Commercial Property Insurance
Is it a Legal Requirement to Purchase Commercial Property Insurance?
While there is no legal requirement to obtain commercial landlord insurance, there is a good business case for having it in place. The cover protects you for a range of issues that you cannot foresee, including natural disasters, fire, theft, property owner’s liability and loss of rental income. Without business property insurance, you could face costly repairs, business uncertainty or legal bills. Most commercial mortgage lenders will also include a clause within their terms and conditions which requires you to have commercial property insurance.
Can I Get Business Landlord Insurance for a Portfolio of Properties?
We can arrange for a policy which covers a number of properties within your portfolio; however, some properties may need more specialist cover should they be close to a flood risk or have a higher footfall from the public. As specialist insurance brokers in Bolton, we have experience of providing landlords with cover for just one property, and landlords with multiple properties. The more properties you want to include in your policy, the more your commercial property insurance policy will cost, but we will ensure to get the best and most appropriate quote for you.
My Property Has Commercial and Residential Aspects. Can I Get a Commercial Property Insurance Quote for it?
As insurance brokers, we know that there isn’t a one-policy-fits-all approach to commercial landlord insurance. If your property features both commercial and residential space, we can find you a policy that meets both needs. This is handy when you have a shop with flats above which you are hoping to rent out or are developing a mixed-use space on a single plot of land. The insurance policies we find for you will be tailored to your specific needs. Speak to our team about this in more detail when you request your quote.
Do I need Commercial Property Insurance If I Occupy the Property or Only If I Let It Out to a Tennant?
Yes, if you will be occupying your own property you will need a different type of building’s insurance. When you are letting out your property to a third party, you will need cover to protect you from tenant damage and other aspects of letting out property. If you are using part of your space for your own business but letting out other areas, then business landlord insurance is the best option as it will offer the protection you require for both yourself and your tenants.