Insuring
Your Business Premises - Business Insurance Information
About
Insuring Your Business Premises
Taking
out a suitable insurance policy for your premises will make sure
you are covered for damage from a number of causes. You should check
the policy details carefully, most contracts will insure your buildings
and premises for a range of insurance risks such as:
- fire
and lightning
- explosion
- riot
- malicious
damage
- storms
- floods
- damage
caused by vehicles
Tenants
should ask their landlord who is responsible for insuring the premises.
The tenant is usually responsible for shop fronts. You
could opt for an "all risk" insurance which provides coverage
against any other damage or loss specified in the policy, including
accidental damage.
But
it does not cover:
- wear
and tear
- electrical
or mechanical breakdown
- any
gradual deterioration specified in the insurance policy
If
your premises is left unoccupied cover is likely to be reduced to
fire only and will not include damage caused by vandalism. You also
need to notify your insurer if this is the case. You need to insure
your business premises for full rebuilding cost this is known as
reinstatement, rather than just the current market value.
A surveyor
will be able to help to calculate your reinstatement value. To decide
on the right level of cover you should seek professional advice
from a regulated insurance company or insurance broker.
List
of Major Business Insurance Providers
OCIS
provide general insurance information, we urge you to consult the
General
Insurance Standards Council
before making any important decisions about your insurance. |
