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Today's Commercial Property Insurance Providers...         Buying property for commercial buy to let purposes has become more popular in recent years and now many landlords are adding this type of investment to their portfolios. Landlords commercial building insurance is just one type of property cover issued for any property that is used for commercial purposes. Although much property is now owned by landlords, it is the commercial or business use of the property that necessitates the insuring of it on a commercial insurance contract.   Any property regardless of ownership that is used for business purposes, will need to be insured on a commercial buildings policy, sometimes in the case of owner occupied property, the building cover can be added on to the covers in respect of contents & stock etc and this may actually save you money although it is still best to shop around.   As with residential building insurance, the insurer will require certain questions to be answered before a commercial building insurance quotation can be given.   They will require to know the construction details and what materials has been used. Generally speaking properties with concrete floors are a better building risk. What security arrangements are in force will also be an important issue. As with residential buildings insurance, postcode details as well as details of any previous losses, flooding and subsidence, will all be taken in to consideration.   When deciding on a premium for this type of business, an insurer will pay close attention to the occupation of the building. Depending on how the property is occupied and the nature of the commercial activities will to a certain extent effect the premium offered. In simple terms the more hazardous the use of the building, the higher the premium. The insurers will want to know if any trade processes occur within the building, and if they are hazardous as whether any articles are stored in the building such as stock materials etc.   If we concentrate on buildings only, a broad range of perils will usually be offered similar to that available under a residential building insurance. Two other covers that are also offered are; property owners liability, this covers legal liability arising out of ownership of the buildings and loss of rent/alternative accommodation. The cover for the later is usually set at 20 % of the building sum insured. Thus if you insure the building for 500,000, then the sum insured will be 100,000. The usual indemnity period is 12 months but you can often extend this to be either 24 or 36 months. It is important that this figure is accurate although usually expressed as a percentage of the sum insured , in some cases, higher amounts are required.   One of the covers that will not be included under your commercial building insurance policy is terrorism. This form of cover is excluded from this type of commercial policy wording. You will usually be offered the choice to buy this cover as an optional extra and depending on your postcode, a premium will be calculated accordingly. Commercial Buildings located in rural areas are rated quite cheaply but inner city postcodes can attract fairly high additional premiums. It is a matter of choice whether to take this cover or not but you should at least obtain a quotation to ascertain the price.   If you are a Landlord and have purchased a building to let out on a Commercial basis, your lender will usually require you to take out a Buy to Let Insurance policy and the insurer will have to know that the Building is occupied for Commercial use.    Some insurance companies offer policies for Landlords for a variety of uses including: Shops & Offices, Social Club, Cafes, Restaurant, Pub, Guest Houses & Hotels and Take Always.  Flats above commercial buildings can sometimes be included as long as the whole building is insured.    The list of trades that are acceptable is very wide and quotations can usually be obtained and cover bought online.  The types of insurance 'perils' this cover is designed for is:-   Fire, Explosion, Lightning and Earthquake, Smoke Riot, civil commotion, strikes, labour or political disturbances Malicious acts or vandalism Storm or Flood Water or oil escaping from any fixed domestic appliance or system including any costs in locating the source of any escape Frost damage to fixed water or heating systems in the premises Theft or attempted theft Impact by road or rail vehicles, subsidence landslip or heave, Accidental Damage to cables or underground service pipes servicing the premises, Subsidence Landslip or Heave Accidental damage to any cables or underground service pipes servicing the premises.     back to top