What is commercial buildings insurance?
Buildings insurance covers the cost of repairing or rebuilding your business premises if damaged or destroyed. Buildings insurance isn’t a legal requirement, but most commercial mortgage providers will require you to you take out a policy before they give you a loan.
What can be covered by commercial buildings insurance?
The right commercial buildings insurance policy will cover you for a range of eventualities that might lead to damage to your commercial buildings, such as:
- burst pipes
- falling trees
- fire and smoke damage
- damage due to riots or other human causes
- storm damage
- theft from the building itself i.e. roof slates
- accidental damage cover
What is not covered by commercial buildings insurance?
Most commercial building insurance policies will not cover you for a few specific eventualities such as general wear and tear on the building such as might be expected over the course of time. You will also not usually be covered for damage to the building due to war or terrorism.
If you want to cover the contents of your commercial building you will usually need a separate policy – some business insurers will offer discounts on contents and buildings insurance purchased together.