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Commercial Property Insurance

Inspire Insurance Services are a Leading Provider of Commercial Property Insurance throughout the UK & Ireland.

Your property is subject to many risks, including social and catastrophe perils, structural issues and even disputes with tenants. Consider cover for your buildings and contents. A commercial property insurance policy, will ensure you are protected against these risks. 

Commercial Property Insurance

Insurable Perils Basic commercial property insurance policies provide one of two basic levels of cover: All risks and named or defined perils. All risks cover generally applies to all losses caused by perils that are not specifically excluded by the policy.


Named or defined perils are enumerated in the policy and can include the following:

  • Fire
  • Explosion
  • Lightning
  • Smoke
  • Floods
  • Windstorms
  • Hail
  • Acts of terrorism
  • Riots or civil commotions
  • Theft
  • Malicious damage
  • Vehicles and aircraft
  • Subsidence
  • Accidental damage or loss

Make sure you know what perils are covered under your current policy, and what perils are excluded in your commercial insurance.

Buildings Insurance

Typical commercial property insurance includes cover for buildings on your property. Buildings insurance can provide cover for commercial landlords and business premises including shops and offices.

What's Covered?

Buildings insurance covers the cost of rebuilding or repairing buildings after loss or damage due to the perils listed above. Items typically covered under buildings insurance include:

  • Structure (walls, roof, floors, etc)
  • Fixtures and fittings, such as kitchen units
  • Outbuildings
  • Gates and fences
  • Car parks and garages
  • Pipes and ducts
  • Cables and wiring equipment

Reinstatement vs Indemnity

Property owners commonly insure their premises on a reinstatement basis, rather than on an indemnity basis. Indemnity basis essentially provides a settlement with a deduction for wear and tear. By comparison, reinstatement basis means that the settlement would allow you to repair or replace the covered buildings as new (reinstatement).

The reinstatement cost is based on the sum insured value of the property—that is, the total cost to rebuild and repair. These costs are determined at the time of the loss, not when the insurance was actually purchased.

Sums Insured

It is important to select a sums insured value that takes into consideration the cost inflation throughout the duration of the policy period.

It is difficult to assess inflation trends and as such, many commercial buildings are insured on a ‘day one’ basis. 'Day one basis' entails assessing reinstatement costs and declaring a value for the building at the time that the insurance policy takes effect (‘day one’ of the policy). An agreed percentage is then added to the declared value to cover inflation costs. Typically, 15 to 30 per cent is enough to cover inflation during the period of insurance and period of reinstatement.


Loss of Rent

When you are leasing a building or building space to a business or company, rental income could be lost if your tenant relocates after a covered peril. Check your commercial property insurance policy to see if it covers loss of rent. If not, you can purchase it as an extension. Keep in mind that this will not cover instances where your tenant refuses to pay rent owed.


Property Owners’ Public Liability

Property owners’ liability insurance covers you for costs and damages, including medical. If a member of the public or someone visiting your tenant is injured whilst on your property, public liability would provide cover. This cover is often included in commercial property insurance policies, but you may need to add it as an extension.


Unoccupied Property

Unoccupied buildings are more susceptible to fire, vandalism, undetected repairs and other losses. If you own unoccupied property, it is advisable to purchase unoccupied property insurance to protect against risks.


Employers’ Liability

If you employ administrative or maintenance staff, you are likely required by law to carry employers liability insurance. This insurance protects you against claims due to employment-related injuries or illnesses. Cover includes compensation and costs for accidental bodily injury to anyone that you employ (including temporary staff and volunteers).


Legal Expenses

Legal expenses insurance provides cover for legal costs that result from incidents on your property. Covered legal costs may include property protection, repossession, tenant default, legal defence, contract disputes, debt recovery, tax protection and bodily injury.

One of the most important aspects of owning a property is making sure that you have purchased enough cover to be adequately protected. At Inspire Insurance Services we understand that determining your property’s value is critical, so our friendly and specialist team is here to help.


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Contact us at 02476 99 89 24 to learn more about our insurance and loss control solutions to protect your property.


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