When you own and maintain a commercial property, you should aim to secure commercial insurance that protects your investment. Commercial property often has a different structure, together with a different set of insurance needs to a residential property. To ensure that your property is fully covered, you need protection that takes care of these unique attributes of this property. In short, your goal should be to secure protection that will ensure your tenants can continue to run their business from the property and you continue to receive rental payments from them.

The key features a policy should cover are building cover, public liability insurance, equipment and glass coverage, property damage and loss of rent.  Taking out building protection will give you peace of mind that if anything happens that leads t your commercial rental premises being damaged. Your commercial insurance policy could be the thing that prevents you from loosing your asset and all the value it holds.

If you were to obtain public liability insurance, it offers you some security should a member of the public be injured at the property you own. With potential claims being high, if you can secure insurance, you can protect yourself from financial loss if someone is injured, for example by a slip and fall accident. Property owner’s liability however covers situations where something on the property directly leads to an injury. These coverage options will preserve your finances should any accidents occur on your premises.

Commercial buildings often contain electrical equipment, commercial fittings and fixtures and expensive glass frontages.  Commercial insurance is a way of protecting this and if you have insurance that covers equipment failure, such as an expansive air conditioning system and possible glass breakage, you potentially save yourself from a significant financial burden.

Another risk that can be heightened in a commercial property is the risk of accidental damage.

If your property is damaged you face potential loss of rental income due to the tenant needing to relocate (potentially permanently) and you could also face a loss due to the financial strain of repairing the damage. With appropriate commercial insurance, your property needn’t become a financial drain and you can secure this cover as part of a commercial property policy.

If you want to secure the maximum protection, then you could chose to take out insurance to protect you from loss of rent in the case of certain events. One example of this would be if your property is damaged by fire and the tenant had to temporarily seek an alternative place of business. You potentially lose the rental income that tenant provides you with. However, if you are insured correctly, then you could avoid this situation.

Obtaining a suitable level of commercial insurance to protect your assets could save you from financial losses in a number of ways. Determining what your needs are and seeking appropriate insurance to cover them can be difficult however. An insurance specialist is a good option if you want to feel confident that you have the full range of insurance options covered in your insurance policy. A specialist can offer support by assessing your commercial property (or properties) and providing you with advice on the cover available to protect your property comprehensively.

Jason Hulott is editor of Small Business Cover, a new and exciting website offering pertinent commercial insurance information to those who run a small business, whether they are a one man band, a husband and wife team (like us!), or a small to medium business enterprise with a number of staff. You can get a free no obligation quote by calling us on 0800 316 5231.

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