Commercial Property Insurance
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Why Compare Commercial Property Insurance With SimplyQuote
Are you a landlord of a commercial property in the UK? Then it’s time you thought about commercial property insurance.
We understand comparing numerous business property insurance quotes can be stressful, time-consuming and downright overwhelming. Luckily, SimplyQuote’s 100% free comparison tool streamlines the process within minutes, allowing you to focus on what’s important: managing your business property!
Quickly compare property insurance quotes for your commercial premises from multiple UK insurance providers the easy way – with SimplyQuote’s online comparison tool.
What Do You Need To Get A Quote?
Before getting a business insurance quote, you’ll need to gather and provide the following information:
- Personal details – name, surname, contact numbers
- Property details – physical address, property age, any renovation/upgrade information
- What industry your commercial property is in (i.e. warehouse, manufacturing, cafe)
- Employee information – including casual/part-time workers
- What level of property owners’ liability cover you would need
- Optional extras you may be interested in (e.g. business interruption protection)
- Claims history details
Why Do You Need Commercial Property Insurance?
You’ll need commercial property insurance if you own or rent out a commercial building in the UK. While it isn’t a legal requirement, commercial buildings can be expensive; you will want to ensure you have the protection you need in case of any building damage.
A business property insurance plan will cover you for a range of accidents, saving you a lot of money in the long run.
Here are a few real-life examples to put it into perspective:
- A frozen pipe has burst during the night and your warehouse or factory has flooded.
- Your commercial building’s roof is damaged due to severe storm damage.
- Restaurant equipment short-circuited and caused a fire.
- Tenants have maliciously damaged windows, walls and stairwells on your property.
Who can get commercial property buildings cover?
Anyone who is generally over the age of 21 (or 25 in some instances) and who owns a commercial building in the UK is eligible for commercial building insurance.
What Does Commercial Property Insurance Cover?
Standard commercial building insurance covers the physical business premises (i.e. brick and mortar) and building fixtures (e.g. exterior lights, handrails, windows) from:
- Fire
- Burst pipes
- Floods
- Storms
- Subsidence
- Riots/vandalism/arson
- Theft/burglary
What’s not covered?
- General wear and tear of the premises
- Poor craftsmanship (including shoddy DIY projects)
- Damage caused by negligence
- Malicious property damage (i.e. deliberately damage to the property)
- Contents (i.e. anything inside the business premises like equipment, furniture, etc.)
- Docks, wharves and pier properties
- Any walkways or roads associated with your property
- Food for your stock that is stored outside (e.g. hay and grain)
- Most electronic data
- Property foundations
- Any animals that are not used as stock
- Damage caused by animals (e.g. pets, rodent infestations)
- Unoccupied buildings – if your premises are uninhabited for more than 30 days, you need unoccupied building insurance instead.
Looking for the cheapest Commercial Property Insurance? Get your quote today!
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What Types Of Commercial Property Insurance Available?
There are two main types of business insurance available for commercial premises in the UK, namely:
Buildings insurance
This insurance is for any damage done to your business premises such as accidental damage. This is one of the most common types of business insurance and it’s almost always worth investing in.
Some insurers may include cover for solar panels in their buildings insurance policy, but it’s best to verify this with them directly.
Note: This option only covers the physical structure and building fixtures and fittings.
Contents insurance
As the name suggests, this insurance covers the contents of your business property (i.e. the items inside). The exact contents that are covered will depend on your chosen insurance policy.
Contents insurance will cover accidental damage, theft or both. If your property houses expensive equipment then it’s highly recommend checking out content cover!
Note: This option only covers items inside the business property and does not cover the exterior.
What Add-Ons Are Available For Commercial Property Insurance?
There are a few extras you can add to your commercial property policy as you might find you want a little extra coverage over and above standard building insurance.
A few commercial building insurance extras include:
Employers liability insurance
This is a legal requirement if you employ more than one person on your business property, such as cleaners or groundsmen.
Public liability insurance
This cover protects you if someone other than yourself (i.e. a tenant or visitor) is injured on your property, or if their property is damaged. For example, if a visitor slips in a puddle where you are mopping and breaks their leg.
Professional indemnity insurance
This protects you and your business from third-party claims in case you offer professional advice or services and happen to make an error.
Business interruption
Depending on your business’s service, interruptions could massively impact your monthly profit. With business interruption insurance, you will be covered in the event of any long-term interruptions that impact your operations, such as power cuts or flooding.
Cash cover
Some insurance providers may often provide cover for money on your business premises but this generally is capped at a certain amount, say £2,000. This type of add-on is great especially if you deal with daily cash payments, such as restaurants, bakeries and cafes.
Cyber and data
With today’s focus on all things digital, cyber and data insurance can be worth considering. A decent cyber plan will protect you in the case of data loss or malicious access to your company’s servers.
Contents insurance
You need contents insurance if you rent business buildings with furniture, equipment or other interior furnishings. This is to ensure these items are covered in the event of accidental damage.
Commercial landlord insurance
Commercial landlord insurance is extremely similar to your typical commercial insurance but with a focus on landlords. This offers additional protection if you are looking to rent your business property out.
Most business property insurance plans will already cover renting out your property, but it’s always worth checking to be on the safe side!
Accidental damage cover
This protects you if your tenants accidentally damage your building or contents, such as damaging the wall when hanging picture frames.
How Much Does Commercial Property Insurance Cost?
The price of property insurance for commercial premises varies depending on certain factors like property size, contents value and location. As an estimate, you can expect to pay:
| Region | Buildings Insurance (£) | Building and Contents Insurance (£) |
|---|---|---|
| Scotland | £67 | £210 |
| West Midlands | £72 | £187 |
| Greater London | £95 | £309 |
| South West | £68 | £196 |
| South East | £72 | £237 |
Looking for the cheapest Commercial Property Insurance? Get your quote today!
Get QuotesPricing updated April 2024.
What impacts business property insurance costs?
Type of business:
The type of business you are looking to insure will impact the cost of your chosen policy. For example, if your business operates dangerous machinery then your insurance will be more expensive than a safer operation.
Property type:
Your property size will also factor into the cost of your commercial property insurance. Larger buildings will naturally cost more to insure than smaller buildings, so keep this in mind when comparing policies.
Property size:
The property itself will also be heavily considered when it comes to deciding the cost of your commercial property cover. If the rebuild cost associated with your building is high, then expect this to be reflected in a business insurance quote.
Location:
Your premium is determined by the level of risk associated with the location of your building. For instance, if you own a business in a high crime area, the likelihood of damage and theft to the property may be higher, which will raise your insurance premium.
How To Get Cheaper Commercial Buildings Insurance
- Compare various insurance quotes from different UK insurers to ensure you are getting the best deal possible.
- Stay on top of maintenance and repairs to minimise the risk of structural damage and general wear and tear.
- Ensure your property is safely secured to deter burglars (e.g. window locks, security gates, alarm system, etc).
- Consider the type of insurance you need. For example, do you need contents insurance if you haven’t provided interior furnishings?
- Combine business building insurance policies if you have more than one business property.
- Opt for annual payments instead of monthly instalments (to avoid monthly interest).
How To Compare Commercial Property Insurance Quotes With SimplyQuote?
Quickly compare commercial property insurance services with SimplyQuote:
- Fill in the one form: Give us details about yourself, premise and location.
- Choose optional extras: Tell us which additional cover add-ons you want to include.
- Compare quotes: Find a quote to suit your specific needs and budget.
- Save money: Get the best deal today
Frequently Asked Questions
Commercial property insurance is a type of building insurance needed to insure commercial properties.
Building owners who rent their property to a business or are running their own operations can take advantage of a commercial insurance policy. This will help cover costs associated with a range of hazards such as theft, rebuilding, repairs, fires and even flooding.
Commercial properties are buildings used for business activity; meaning it is not used as residential/domestic dwellings.
No, commercial property insurance is not a legal requirement in the UK but it’s recommended to have this type of insurance policy in place. It can potentially save you hundreds of pounds in the long run should anything happen to your property.
Yes, if your business operates with more than one employee, you will need employer liability insurance. This is to ensure you and your business are protected against any claims should a staff member get injured whilst on duty (i.e. on the business property).
The short answer is: it depends.
If your business uses large, expensive machinery, as seen in manufacturing or hospitality, then yes, contents insurance is definitely worth it. Without it, you (the business owner) would have to fork out your own money to cover the replacement or repair costs; which can be a financial blow for small businesses.
Generally, if you don’t own the commercial property you don’t have to pay for commercial buildings insurance as this responsibility falls on the landlord. It is, however, recommended that you take out contents insurance at your own expense.
- Business premises maintenance and repair
- Gas, electricity and fire safety
- Asbestos removal
- Business building insurance (while not a legal requirement, it is recommended)