Insuring Your Company Property

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If you are the owner of the property that your company is working from it is up to you to insure the building. If you do not own the property you will need to check with your landlord to find out if it’s already insured.

The majority of the time insurance will be covered by your landlord if you are renting and the cost will simply be included in your rent. However never assume this or you could be caught out if a claim were made.

How much cover do I need?

Insurance for the property must be adequate to cover the cost of rebuilding it to a similar standard. The cost of rebuilding does climb so you should check regularly on the value - a chartered surveyor will be able to help you calculate this.

A suitable insurance policy should also ensure you are covered for a variety of risks including floods, explosions, fire, storms and damage by vehicles etc. A regulated insurance company or broker will help you decide on the appropriate level of cover you need.

What other types of insurance need to be considered?

You may also want to consider Contents Cover to insure your business for all equipment within the property, and Public Liability Insurance to cover any damages to members of the public who enter your property. You should also note that Employers’ Liability Insurance is a legal requirement for every company that employs one or more members of staff.

Although you will be covered for the physical losses when insuring your property, the interruption in work (caused by a fire for example) may cause your business to struggle. Therefore you may also like to consider Business Interruption Cover. This is usually sold as part of a standard package, but you should always read the small print.

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All content displayed on Insurance 4 Business is provided for general information only, and should not be treated as a substitute for the advice given by any professional.