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Buildings Insurance
Business buildings are fundamental to the conduct of any operation, so it is important to make sure these are properly protected in the event a claim needs to be made.
Cover levels are an important factor when comparing business building insurance, you do not need to insure the property for the market value - how much someone would pay for the property - rather you need to consider the re-build value as this is what the insurance company would have to pay out in the event of a total loss.
You should also include fixtures and fittings (for example a fitted kitchen) in your sum insured.
If your business is a shop, make sure that your store front is included in the coverage, as this may be damaged during a break in. Grills or roller shutters on the shop front will deter damage and, in some cases, allow insurers to offer a discount.
Business Interruption Insurance
Business interruption or loss of income in the event of a claim is an important cover that will reimburse the business when it is unable to trade either through the damaged shop front or through longer term damage such as fire or flood.
What should I look out for?
Many insurers will request up front that some minimum security standards are adhered to so you should check your property for the following; make sure the final exit door is secured by a 5 lever mortice deadlock and that all other external doors and internal doors leading to common areas are secured by a 5 lever mortice deadlock or key operated security bolts.
In addition all opening windows or roof lights accessible by an intruder should be secured by lockable devices.
Business building insurers will usually ask that the property is not unoccupied for more than a month at a time, but may also offer the ability to purchase cover for loss of income relating to rent receivable.