subject: What To Expect From Commercial Property Insurance [print this page] Well, the first thing anyone should expect from any type of insurance policy is a decent level of cover. With that said, you cannot expect to get the maximum amount of cover if you're only willing to pay pennies for it.
This becomes even more relevant when it comes to insuring commercial properties, simply because the stakes are usually very high. In fact, if you slip up and you choose the wrong type of policy, you could end up losing your entire business if disaster ever strikes.
Commercial insurance should not only cover you against costs arising from damage caused to a third party or their property, but it should also cover you against damage to your own premises. Ideally, your insurance policy should also provide you with adequate protection against damages and losses involving the contents of your building.
In layman's terms, a commercial insurance policy is a legally binding contract between you and the insurance company. These contracts have been drawn up in such a way so as to comply with the laws of your country. In other words, insurance policies in the UK are designed around UK legislation, and you can be rest assured that all insurance companies are well aware of their rights. If an insurance company refuses to pay you out, you have the right to take them to court, but you need to realise that you have almost no chance at all of winning the case. Instead, you will more than likely find yourself having to pay for all their legal representation as well as your own.
This is why it's so important to make sure you have a comprehensive understanding with regards to a policy before you go ahead and sign a contract. It is always best to eliminate potential misunderstandings and discrepancies before you make your final decision. If your commercial property has just been raised to the ground, together with all the contents, you'll essentially be out of business, and the last thing you need is to be fighting your insurance company in court.
Let's face it; it would be far more pleasant if you could simply submit your claim and then await payment. Yes, your business will have taken a severe knock, but providing you had a suitable amount of cover in place, you will almost certainly be able to pick up the pieces and carry on.
So many business owners end up choosing to take out the minimum amount of cover. While this approach can certainly be extremely beneficial in terms of third party injuries, or damages caused to a third party's property, it doesn't have any benefits at all as far as the owner is concerned. Any damages which have taken place within your commercial property will need to be paid for by yourself. The same applies if the building itself has sustained any damage. Unless you are incredibly wealthy, the chances are you won't be financially capable of absorbing such a significant loss. After all, you may find yourself in a position where you actually need to rebuild your premises from scratch, and of course you'll then have to replace all the contents that were destroyed as well.
For a business owner, nothing in the world comes close to commercial insurance as far as peace of mind is concerned. This is also why it's not something you should simply rush into, but instead, you should invest some of your time to shop around and to get quotes from several providers. If the process feels a little daunting, then you could of course always leave the legwork to a reputable broker instead.
by: Tom Jones
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