Commercial Property Insurance

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Right-fit commercial property insurance this way

Commercial Property Insurance

Commercial property insurance is complex. You have to think about the way a building is used, who is insuring it and who might be in it. Which means that under and over-insurance is common. And that’s if you can even get insurance.

We tailor policies for freeholders, property managers, agents, investors, developers, residents’ associations, Right to Manage (RTM) companies and House in Multiple Occupation (HMO) landlords. So you get a policy that’s as unique as your building and your business. Even if it’s unoccupied.

Right-fit commercial property insurance this way

What is Commercial Property Insurance?

Commercial Property Insurance or Commercial Building Insurance insures you against all the risks you face when you’re responsible for a commercial building. It protects you from fires and explosions, break-ins and accidents. Put simply, it reduces your risk as a property owner because it covers premises as well as stock and equipment. And it should be tailored to the way a building is used; whether it’s a factory or a shop, or an office block.

We’ll even insure unoccupied properties, buildings constructed of non-standard materials and properties with a high risk of flooding or subsidence.

“If you run a business from premises you own or you’re a commercial landlord, you need to protect your most valuable asset – bricks and mortar.”

– Catherine Smith, Commercial Property Insurance specialist at Macbeth

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Want to reduce your what if’s?

Alternatively, give us a call on: 0118 916 5480

How Commercial Building Insurance protects you

Commercial property is an investment. It’s also a risk. Reduce your risk with a policy that takes all those ‘what ifs’ into account. And a broker that will find insurance for hard-to-insure buildings.

Let's talk Commercial Property Insurance

Repair & Rebuild

Cover the cost of repair or rebuild following a fire, earthquake, explosion, subsidence or accidental damage. Every part of the building is covered including: communal areas, fixtures and fittings, glass, cables and underground pipework.
Employee & public-use liability

Protect employees and members of the public using the building. Cover the cost to defend a liability claim following an accident.
Loss of rent

Insure against loss of rent and/or the cost of alternative accommodation if your property is rendered unfit for occupation.
Single property or portfolio

Cover a single commercial property, or a larger property portfolio under one policy.
Non-standard, residential and mixed-use buildings

Cover hard-to-insure buildings like unoccupied, non-standard or mixed-use buildings.

Tips for choosing the right Commercial Property Insurance

Choose a tailored policy to avoid over or under-insurance.
You’ll need Commercial Property Insurance to meet the requirements of mortgage lenders and other financial loan providers.
Consider the occupation status of your property. Unoccupied commercial properties are hard to insure and you’ll need a broker that has access to specialist insurers.
Consider including landlord contents or contents of communal parts in your policy.

We can even insure unoccupied properties

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Frequently asked questions

How do I find out accurate rebuild costs for a commercial property?

Commercial properties in the UK are often underinsured because buildings aren’t insured for their rebuild value. The most accurate way to calculate commercial property rebuild costs is to get a bespoke rebuild cost assessment from a chartered surveyor. Or you can request a desktop survey from a company like Rebuild Cost Assessment to make sure you have the correct ‘Sums Insured’ limit.

How is a commercial property rebuild cost calculated?

The ‘sum insured’ or ‘declared value’ for your property represents the cost to reinstate your property as well as an allowance for:

Costs to comply with public authority regulations, bye-laws or stipulations
Professional Fees
Removal of Debris

Many insurers also allow for inflation throughout the year .

What information will an insurer want to know about my commercial property?

Insurers will ask about the construction of your building and what the space is being used for, especially if it’s a commercial let.

Your insurer might ask:

What material are the walls made of?
What’s the roof made of?
What type of floor construction is in the building – concrete or timber?
Does the building have a flat roof? If so what % of the roof area is flat?
If the building is cladded, what type of cladding is it?
What activities are going on inside the building?
What machinery (if any) will be used inside the building?
Do any activities involve heat or heat-based tools?

How long can I leave a commercial building unoccupied before I have to tell my insurer/broker?

If your building is unoccupied for more than 30 days ,your insurance cover will be restricted and your insurer may impose additional terms.

Our advice? As soon as your property becomes empty, get in touch with your insurance broker to find out what additional terms apply and how to reduce your risk.

Did you know? Lots of insurers won’t quote on buildings that have been unoccupied for more than 3 years.

What does commercial property insurance include?

There are two basic levels of commercial property cover: 1) All risks and 2) Named or defined perils. ‘All risks’ cover as the name suggests covers all common risks unless there are any specified exceptions.

Named or define perils can include: fire, explosion, lightning, smoke, floods, windstorms, hail, acts of terrorism, riots or civil commotions, theft, malicious damage, impact damage caused by vehicles and aircraft, subsidence, accidental damage or loss.

What is the difference between commercial property insurance on a reinstatement basis and an indemnity basis?

In simple terms, reinstatement means to repair or replace ‘as new’. And indemnity means there’s a deduction for wear and tear. Commercial property is commonly insured on a reinstatement basis which would allow you to repair or replace the covered buildings ‘as new’. The reinstatement payout is based on the ‘sum insured’ value of the property i.e. the total cost to rebuild or repair.