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What is commercial property insurance?
Commercial property insurance is a type of cover designed specifically for landlords who rent out their properties to businesses. This could include shops, restaurants and cafes, industrial businesses, offices, hairdressers, fast food takeaway outlets, and dental surgeries.
Regardless of whether you rent out an entire unit on an industrial estate or a small corner shop, you’ll still need to consider protecting your leased property from the various risks both you and your tenants may face, such as accidental damage, renovations, and loss of income.
What is covered by commercial property insurance?
Similar to residential landlord insurance, commercial landlord insurance provides protection against numerous risks, including fires, floods, theft, damage, accidents, and injuries. However, it can also provide additional cover for business-related risks, including liability claims from tenants, business interruption, loss of income, and alternative accommodation.
- Buildings insurance – protection for all insured buildings against fire, flood, theft, burst pipes, and other types of damage.
- Contents insurance – cover for damage to and theft of contents, particularly those outlined in your tenancy agreement that the tenant may use.
- Renovations – cover while the property is undergoing renovations or repair.
- Accidental damage – protection against accidental damage to your leased property or its contents.
- Alternative accommodation – cover for alternative accommodation for you and/or your business residents if your property is uninhabitable or undergoing repairs following loss or damage.
- Loss of rental income – cover for loss of rental income to ensure you still receive the expected income for your commercial property if it’s uninhabitable or unfit for trading due to an insured event.
- Property owners’ liability insurance – protection for claims if someone is injured due to an insured event on your property.
- Replacement locks and keys – covers the cost of new keys and replacement locks if lost or stolen.
- Glass replacement – covers the cost of replacement glass if broken.
- Legal expenses – covers the cost of legal expenses associated with claims. For example, those arising from accidents or injuries.
- Subsidence, ground heave, and landslip – protection against costs for repair if the land your building sits on moves.
Policy limits and exclusions may apply, please see the policy wording for full terms and conditions.
| Offices | Hairdressers and beauticians |
| Restaurants and eateries | Dental surgeries |
| Car garages | Shops |
| Garden centres | Unoccupied property |
You can tailor the cover to include insurance suitable for your requirements, specific to the risks on your commercial let premises.
Discount Insurance commercial property policy benefits
At Discount Insurance, our team is on hand to help you find a suitable policy to help protect your property investment. Whether you require additional cover or just standard insurance to put your mind at ease, you can visit our website for a quote.
The following policy benefits can be included with your cover:
- Cover for up to 30% alternative accommodation/loss of rent.
- Accidental damage cover.
- Cover for landlord’s fixtures & fittings up to at least £10,000.
- Up to £5 million in coverage for property owners’ liability.
- Legal expenses available covering a range of situations, such as:
- Legal defence for criminal and civil prosecution
- Property protection following infringement
- Tenant eviction proceedings
Policy limits and exclusions may apply, please see the policy wording for full terms and conditions.
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While commercial property owner insurance isn’t a legal requirement, you can be liable for any damage to your commercial let property without it. You can benefit from cover for associated financial costs, which can be high for significant events like fires, floods, and compensation claims.
There’s not a set fee for commercial property insurance. Policy providers usually offer a mix of standard cover terms and optional extras that you can include as needed. As such, policy prices vary depending on the type of cover you need, alongside various other factors.
This includes:
- Location – insurance may be higher for commercial properties in built-up and popular areas, such as cities.
- Business use – policy fees can vary depending on how tenants use your commercial property. For instance, manufacturing or engineering businesses might be at higher risk than an office or retailer.
- Occupancy – if other businesses are in the same building, this can affect your insurance premium. For instance, an office located in a space above a restaurant can be higher to insure than an office on the ground floor in a standalone building.
- Security measures – commercial properties with higher levels of security, such as electric gates, CCTV, or security guards, will likely cost less to insure.
- Property age – the age of your leased property can affect the insurance premium since older properties are more likely to need repairs and maintenance.
- Cover level – as you’d expect, landlords requiring the most comprehensive level of cover with all added extras can expect to pay a higher premium.
- Number of properties – if you have several commercial buy-to-lets, insurance providers may lower your premium under a multi-level cover policy.
Looking for a quote? Call our team on 0800 294 4522 or start your quote online to purchase your policy.
Being a landlord can be challenging, especially for commercial businesses. But buying insurance doesn’t have to be. That’s why we’re flexible to your needs, with a range of covers available.
Yes, at Discount Insurance, we can provide insurance for commercial and residential properties, all under one policy, making it easier for you to manage.
Yes, a commercial property insurance policy from Discount Insurance can cover theft or attempted theft.