Compare business building insurance quotes

You don’t need commercial building insurance by law, but if you have a mortgage then your lender may insist that you do have it and make it a condition of the loan.

Even if you’re lucky enough not to have a mortgage on your business premises, if you own the property, partially own it or even just own units within it, it’s still a good idea to invest in commercial building insurance to help safeguard your interests.

Policies typically cover the cost of repairing or rebuilding the property along with any permanent fixtures and fittings. In most cases, you’ll be protected for damage incurred in occurrences such as:

• Fire
• Flood
• Subsidence
• Burst pipes
• Vandalism and theft

It’s worth bearing in mind that policies will differ by insurer so it’s always worth double checking the terms and conditions in your own policy so you’re absolutely clear on what is and isn’t covered.

In addition to insuring your building, some policies such as a commercial combined package might include cover for the following:

• Business interruption cover – this compensates you if you have to close your business because of an insured event (like a fire or flood).
• Contents cover – this protects stock, furniture or equipment in your premises. If you only rent out the building, then your tenants are responsible for insuring their own goods and stock.
• Loss of rent cover – if you have tenants that can no longer use your premises (for example, if it was damaged by a fire) then loss of rent insurance will cover the cost of your lost rental income.
• Goods in transit cover – this covers the cost of equipment or goods being transported in a company vehicle.
• Deterioration of stock – this can help reimburse any losses in case your freezer breaks down – vital if you run a café or any sort of catering business.

Every business has different needs and faces different risks, so to work out the price of building insurance there will be a number of factors to consider:

• What industry you’re in
• Where your premises is located
• How big and how old your commercial property is or if the building has a listed status
• Your previous claims history
• How much cover you need and whether you choose to add on any extra features.

Just like many other insurance contracts, your commercial building policy may come with some exclusions – which means you won’t be covered in certain situations. Exclusions will depend on your provider, but some typical examples include:

• Wear and tear – insurance won’t cover the cost of repair or replacement if damage is simply caused by age or natural wear. This may include damage that could have been prevented or that has got worse over time – so a burst drainpipe might not be covered if it was the result of poor maintenance.
• Empty properties – most policies will have a condition that says if the building is empty for more than a certain number of days, then your cover becomes invalid. If you know your property will be vacant for a while, then consider unoccupied property insurance which will protect you over that period.
• Poor workmanship – insurers generally won’t cover you if damage has been caused by poor workmanship (or bad DIY skills) so it’s wiser to invest in a reputable tradesperson.
• Damage by animals – insurance will rarely cover you for damage done by animals, including pets, vermin or insects.

There may be other exclusions in your policy so always compare commercial building insurance quotes by provider to check you’re happy with the details.

At Uswitch for Business, we understand just how important your business is to you, and while it’s vital to protect your livelihood, you don’t want to end up paying more than you have to. Which is why we’ve made sure running a commercial property insurance comparison is easy – just tell us what you’re looking for and we’ll bring you a range of quotes so you can choose one that fits your needs and your budget.

To get started give us a call on 0800 188 4930 or leave a few details at the top of the page and we’ll ring you back.