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Business Insurance Information - Insuring Your Business Premises


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.