Commercial Property Insurance
What is this?
This Insurance is a policy which is intended to meet the cost of repairing or rebuilding your commercial property in the event of damage or destruction. If you have a mortgage on a freehold property, the lender will insist that his interests are protected by making sure that the policy will meet the full rebuilding costs. If your property is held on a leasehold basis, the lender may want to see a copy of the policy held by the freeholder. In addition, you can protect the value of any possessions or equipment also included in the let by either taking out a separate Commercial Equipment Insurance policy or having a combined Insurance policy. Insurance premiums for tenanted properties tend to be higher than those for owner-occupied properties.
Who is it for?
These policies are only available to owners of commercial premises from which they themselves trade or from which tenants trade.
Who is it not for?
If you live in or on the premises, the policy cannot be used to protect your residential possessions. You would need to take out a separate policy in that situation.
