Business Premises Insurance is more commonly known within the insurance market as commercial buildings insurance or landlords insurance.
At Greenfield Insurance Services we have been arranging Business Premises Insurance since 1989 having access to a handpicked selection of trusted insurers we provide:
- Competitive Premiums
- Quotations available within the hour for single premises cover
- Same day documentation issue
- Same day copy policy documents for lenders or solicitors
- Quotations from a leading panel of business premises insurers
- Quality checked policy cover
- Discounts for more than one business premises
- Dedicated contact point from quotation stage through the life of your business premises insurance policy
Andrew Burdon – Existing Commercial Client commented:
“I haven’t got the time to go on line and try and sift through hundreds of premiums. That’s why I leave it to Greenfield – its one less thing for me to have to deal with”
“The service is excellent. Just a telephone call and things get sorted out – it’s very efficient”
If you are purchasing a business premises, renewing a lease or your existing business premises insurance is due for renewal, there are a number of aspects to consider when arranging the correct business premises insurance.
Beware the small print: Every Business Premises Insurance is different
What Type of Premises are Suitable for Business Premises Insurance?
Basically all forms of business premises can be insured under business premises insurance and these would include: Office, retail, industrial, manufacturing, leisure, licenced trade, mixed commercial and domestic and multi occupancy premises.
What Cover should I be looking for from a good Business Premises Insurance?
Most policies will provide the basic standard perils which would include covers such as fire, explosion, riot, malicious damage, storm, flood and impact.
Optional covers will include subsidence, loss of rent, legal expenses & Employers Liability. I would consider subsidence and loss of rent as essential covers under business premises insurance.
Legal expenses is worth consideration dependent upon the level of cover provided by the particular insurer, a word of caution however – levels of cover vary dramatically.
A cover commonly overlooked under a business premises insurance is Employers Liability, if you employ, for example, a cleaner or gardener to maintain your business premises you have a legal requirement to hold Employers Liability Insurance. This is available at a very small additional premium under most Business Premises Insurance.
It is important to arrange the correct loss of rent cover both in terms of the annual income and indemnity period required. The lease will dictate the indemnity period which is commonly 24 or 36 months. This cover will ensure that you continue to receive your rental income even if the tenant has to vacate the building following an insurance claim such as fire.
How much should I Insure for?
Under business premises insurance you should insure for the rebuilding cost of the premises known as reinstatement cost, rather than just the market value. If there is a mortgage lender on the property they should be able to provide a rebuilding cost. Alternatively a Chartered Surveyor will be able to calculate the rebuilding cost of your business premises.
What about Premium Cost?
Business Premises Insurance premiums vary dramatically dependent upon the construction of your premises, its location, trade of the tenant and claims history. At Greenfield Insurance Services we have access to all the leading insurers, Lloyds of London Markets and specialist scheme underwriters which means that we can provide you with the best possible premium within the market place.
For further advice or an immediate quotation for your business premises insurance please contact either James Mant or Stephen Greenfield on 01489 579080 or complete our call back request form.
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