For any manager or business owner, commercial property insurance can be the difference in additional costs that could negatively affect your business if anything should happen to the property. Without it, you are held liable for any damages or issues the property could experience.
Commercial property insurance covers a range of instances that any business owner can experience with their building, today’s blog will explore those instances and much more.
In this blog, we will provide the top 10 reasons to use let commercial property insurance.
The team at Bruford and Vallance Insurance Service Ltd are here to help you find the right insurance for you. With the wide range of insurance policies we offer, we’re confident we can offer peace of mind and a fair price.

Commercial properties explained

Commercial property refers to buildings or land that are intended for profit-generating activities, this can include shops, manufacturing buildings, offices, flats/rental properties, farmland, garages, warehouses, and more.
Essentially, if that building makes money for the owner through business practices, it is a commercial property. In some cases, this can include houses for rent under a landlord. With that out of the way, what does commercial property insurance cover?

Commercial property insurance – the basics

Commercial property insurance offers a comprehensive range of coverages designed specifically for commercial properties. It generally covers any issues that would require the building to be repaired or rebuilt, this can include…
  • Vandalism
  • Fires
  • Natural disasters
  • Theft or attempted theft
  • Malicious damage
  • Lightning and explosion
  • Subsidence
  • Escape of water and oil

Please be aware, that depending on who your insurance supplier is, there may be different stipulations as to what they provide cover for for commercial property insurance. Always research to find the insurance that is relevant to your needs whilst being as comprehensive as possible.

Top 10 reasons to use let commercial property insurance

Protect your business from theft and vandalism

Theft and vandalism can sometimes occur no matter how many security precautions you put in place. It can be planned, or it can be done on a whim, either way, why take the risk? There are costs to consider even when restoring anything that has been vandalised, commercial property insurance is the safety net should this happen to you.

2. Cover the cost of repairs after a fire or other disaster strikes

Fires or any natural disaster can take a severe toll on commercial property. In some instances, especially if you aren’t insured, the cost of the damages may be so significant that it could spell the end of your business.
Although some fires have the potential to be mitigated, other disasters are sometimes unavoidable. It can happen to anyone, so being prepared for any eventuality with commercial property insurance can be a life-saver.

3. Get paid when something happens to your building

In the instance of any issue that damages your building, having the money needed to conduct repairs is critical in ensuring your business is operating again as soon as possible. Without commercial property insurance, you will be responsible for any financial requirements.

4. Ensure further protection with an umbrella policy

In a nutshell, an umbrella policy provides further coverage when your main policy has reached its limits. In some cases, it can prove to be vital in situations where repair or rebuilding costs are beyond the amount supplied by your main policy.

5. Have peace of mind knowing that someone will be there to help should anything go wrong

It can be an extremely lonely and confusing place when disasters strike, not knowing the next steps to take can have serious implications on your mental health. Insurance providers know better than anyone the range of emotions, and the amount of questions that will be asked by someone trying to bounce back from a property issue.
Aside from the financial cover, having commercial property insurance also provides you with a support network that is working tirelessly to get you back to where you were.

6. Reduce liability issues

Using a landlord as an example, they of course have certain responsibilities to adhere to, in which they can become liable if they are not addressed. However, some situations can arise that have nothing to do with the landlord, but tenants may still place responsibility on them, commercial property insurance can help to mitigate this, depending on the situation of course.

7. Keep up-to-date with new laws & regulations

Laws can change at any time, whether it is a result of public pressure or developments in the understanding of how to safeguard people. Property is no exception to this, if there are any changes in law, or additional regulations that affect your insurance policy, you will be made aware of this and can act accordingly.
However, if you don’t have commercial property insurance, and don’t keep on track with the news, these new laws and policies could have the potential to be a further detriment to you in the future, as you haven’t prepared for them.

8. Avoid being held liable for damages caused by negligence

Of course, every case is unique, and in some instances, your negligence as the business owner can be the cause of issues. But as long as you have correct health and safety measures, comply with every relevant regulation, and of course, have commercial property insurance, it can be extremely rare for you to be found liable.

9. Ensure compliance with local zoning requirements

Although commercial property insurance is not mandatory for landlords, in some instances, especially if you want to meet commercial mortgage lender requirements, it will be necessary. Aside from local zoning, having commercial property insurance displays that you are not willing to cut any corners to protect your investment.

10. Make Sure All Employees Are Insured

If your building has workers in it, and they are hurt or worse during any incident, it is paramount that they are insured so they can receive as much help as possible in the aftermath.

Where to find tailor-made commercial property insurance?

Bruford & Vallance is proud to provide a host of insurance properties, including commercial property insurance that is tailored to your needs, budget and specifications. Our years of experience also enable us to guide you if obtaining this kind of insurance is new for you.
Whether you want to call us directly or complete our online form, once we obtain all of the relevant details, we can provide a quote for our policy. We have worked hard to streamline this process to save you time, we understand that time is of the essence, especially with commercial property insurance.
Our tailor-made service isn’t just limited to the policies you need, we endeavour to speak to you however you feel comfortable. Whether you want to talk on the phone, arrange an in-person meeting, or email, we aim to provide a personal touch with our interactions.

Invest in let commercial property insurance

In conclusion, it’s no secret that there are a variety of positive effects you can experience as a result of using let commercial property insurance. We’re confident that our list has cleared the facts from fiction and supplied you with the vital information you need going forward.
We hope to have provided valuable insight and additional information, whilst explaining the top 10 reasons to use let commercial property insurance.
The team at Bruford and Vallance Insurance Service Ltd invites you to contact us if you have any queries, our superior service standards mean that we are happy to help you find all the answers you require.
Alternatively, you can request a quote from us today, and we will respond as soon as possible.
Bruford & Vallance Insurance Services Ltd
45 St. James Street
Contact number
01823 277188