Finding a commercial property that meets your criteria means there are several critical factors that you will need to take into consideration. Property type, investment return, location, size, the property’s permitted usage, costs, condition of the property as well as the energy efficiency of the building.
Over and above all of this, is another important factor – commercial building insurance. This may seem like an easy purchase, but there are many things to consider.
Some budget policies, especially online, do not give you the full cover that you should be protected for. This is done for the purpose of making the cover as cheap as possible and could leave you out of pocket just for a few pounds.
To ensure that you have the right cover, here are 3 points you should be aware of:
- Some policies automatically exclude Subsidence cover. You should always have this because the average claim (for subsidence) is £25 000. This would burn a serious hole in your pocket if you did not have the cover.
- Several online budget insurers give you a higher excess than normal, to make them cheaper. The surprise comes when you come to claim and find that you must pay the first £500 or £750 of each claim. Our excess is usually in the range of £250.
- Some insurers give Loss of Rent as a percentage of the Building Sum Insured (usually 20%). This may be inadequate as an amount and also for the period of time the policy will pay the benefit.
At Titan Insurance, we make it our business to give you the best cover at the most affordable rate. To find out more about Commercial Property Insurance or our unoccupied property insurance, contact our team of experts. They can assist with any queries or guide you along the way. Call us on 0207 731 3700 or drop us an email.