It is not a legal obligation to take out a commercial building insurance policy if you run a business out of a property but that doesn’t mean it isn’t a good idea to do so. It is still strongly recommended to take out such a policy as there are several reasons why the insurance and protection of the premises you run your business from could prove vital.
There are many industry experts who help you to make the best decision regarding a policy for your business. But what are the actual reasons why you need commercial building insurance?
Keep Your Business Out Of Danger
Insurance of the operational base for your business is a practical and safe action to take in order to protect your business should anything go wrong. Without commercial building insurance, if your property was to suffer a fire, flooding or any other type of damage then without a policy the way your business functions would almost certainly take a hit, which could result in negative output or in the worst-case scenario it could even go under.
Most Policies Include More Than Just Commercial Building Insurance
The amount and variety of cover you receive is perfectly negotiable. Whether it’s Employer’s Liability Insurance, Legal Expenses Cover or another kind of insurance you wish to include in your policy then adding them to your cover will mean your commercial building insurance has more than just one dimension. Many policies can also include contents cover and loss of rental income insurance.
With the right insurance intermediary your cover could include the following and more:
– Buildings insurance
– Loss-of-rent insurance
– Property-owners liability cover
– Rent guarantee cover
– Legal expenses cover
– Employer’s liability insurance
– Fire & special perils cover
– Subsidence insurance
You Still Need It If You Work From Home
There is a common idea that if you work and run your business from your own home then your standard home insurance policy will also cover your business should anything go wrong. Unfortunately, this is also a common misunderstanding as your house insurance will not protect your business. Therefore, it is worthwhile taking out separate commercial building cover just to be on the safe side and to ultimately protect your livelihood.
Your Employees Feel At Ease
Nobody wants to work for a company where they do not feel safe a secure in the workplace. Assure your team by taking out commercial building insurance. Your employees will be much more confident knowing that they are working for a company that looks after the wellbeing of not only the premises they work in but their staff members too.