Whether you own a small shop from which you run your own business, own the premises but purely lease it out, or have a large portfolio of commercial premises including shops, warehouses or indeed portfolios of buy to let residential properties, we at Peacock can arrange a specific policy for your exact requirements.
With a leading panel of insurers to choose from, We can arrange basic buildings cover and landlords liability policies for smaller or lower risk concerns to ‘comprehensive’ policies which may incorporate:
- Free building valuation servicesWhere a leading loss adjuster will visit your premises to ensure that your sums insured are adequate.
- Free 24 hour help Lines for legal, tax, VAT and general business queries including matters on employment and contractual disputes, (stand alone polices are also available).
- Glass replacement / Locksmith Services for emergency door / window security problems.
- Emergency claims service Rapid Assistance for all types of emergency on your premises including burst pipes, drainage problems, gas / electricity failures and serious roof damage.
Typical Standard Policy features include:
Normally on an ‘all risks’ basis. Note that the buildings sum insured should not be the market value of the premises, but the sum required to reinstate the property fully after, for example a fire. This should also include any sums for the removal of debris etc. although some insurers include this as an extention to standard cover, together with damage caused by emergency services and ‘trace and access’ which means any reasonably incurred costs to locate the source of any damage. Fixed glass breakage is normally automatically covered. One of our advisers will be happy to discuss the exact policy wording of a specific insurer with you.
Public Liability / Landlords Liability
Cover for eventualities which include any third party who suffers loss, damage, injury or death due to your negligence whilst carrying out activities in connection with your business. It covers the costs of legal fees, expenses and subsequent damages awarded against you. Landlords Liability is essentially the same but extends to cover legal liability under the Defective Premises Act 1972.
Cover may be included for loss of rent due to damage caused under other sections of the policy, for example after a fire. This may be calculated either as an individual sum insured or as a percentage of the buildings sum insured dependant on the insurer. Some policies will also include costs of alternative accommodation if part of the premises is residential.
There are many optional extensions to cover, typically including
Accidental damage to buildings
Damage caused as a result of a single unexpected event.
Could include fixtures and fittings such as furniture, lighting, suspended ceilings etc. in fact anything which belongs to you which is not part of the structure itself.
(a legal requirement for any business employing staff) – covers your legal liability for damages arising from employees’ illness or injury which result from their employment by you.
Personal Accident and Sickness
Cover for you and your employees for bodily injury or inability to carry out normal working activities.
Commercial Legal Expenses
Covers solicitors’ fees and expenses, the cost of barristers and witnesses, court costs, and opponents’ costs if awarded against you.
Covers the breakdown / failure of equipment and subsequent loss or damage to records.
Theft by Employees
Cover against loss of money or property due to employee dishonesty or acts of fraud.
Things to consider when insuring your property:
- Free building valuation services Always remember to tell your insurer if for any reason your property is empty e.g. between tenants, as failure to do this may invalidate your policy should the unforeseen occur.
- It is wise once you are happy with our quotation to request a policy wording booklet either from us or any other provider to see what exactly is insured. Many insurers include automatic extensions to cover such as fire extinguishing equipment, loss of metered water and unauthorised use of utilities, and in the same token have exclusions to the policy such as cover for terrorism or subsidence of buildings which must be specifically added if required.
- Remember that prevention is always better than cure. Site surveys can be arranged with many insurers to advise you on risk management, the benefits of this being twofold. Firstly, with expert information, the likelihood of a disaster can be avoided in the first place, and secondly this diligence is rewarded by significantly lower premiums.
- We at Peacock Insurance now have the ability to introduce you to a specialist commercial and buy to let mortgage broker, who have access to products from the whole of the mortgage market including many exclusive schemes and products for unusual premises such as semi-commercial and semi residential premises, so if you are looking to raise capital to expand your portfolio or simply to reduce your monthly payments, please ask a member of staff for details.
For a competitive no-obligation quote, or for further information, talk to our Commercial Property Insurance team today on 02476 437 600, or alternatively request a quote online by clicking Commercial Property insurance today.
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