“Don’t make costly mistakes. Insurers use standard “average clauses” stating that the policyholder must bear a proportion of any loss if assets were insured for less than their full replacement value. If the insurer finds the business has taken out inadequate insurance, it can reduce the settlement by the same percentage the asset is underinsured”
Buildings insurance covers damages or losses to the structure of a property, as well as permanent fixtures and fittings, such as fitted kitchens and bathroom suites.
This type of insurance policy typically protects against damage or losses caused by events like fire, flood, subsidence, storms, and vandalism. It may also cover the cost of rebuilding or repairing the property and its structure.
Contents cover protects your belongings against loss or damage due to unforeseen events such as theft, fire, or water damage.
It typically includes removable items like furniture, appliances, electronics, electrical items, clothing, and jewellery. Depending on the policy, it might also include cover for high-value items like original artwork or antiques.
The cost of contents cover will depend on the value and type of items being insured, as well as any additional coverage options. It is important to accurately assess the value of all your contents to ensure that you have adequate cover to protect your investments.
You may want to include accidental damage to your policy to protect your building and contents from unintentional damage caused by a tenant or a member of the public.
Legal Expenses Insurance provides legal advice and cover for legal costs should a dispute relating to your property and tenant(s) arise, such as legal action and court proceedings, up to £100,000. For example, you can benefit from having legal expenses insurance if a tenant damaged your property, if you need to evict your tenant(s), or if you wanted to seek unpaid rent.
Landlord legal insurance cover is essential for landlords who want to keep control of their property at all times. Usually tenancies run smoothly and there is little cause for concern, however, when it does go wrong there can be lengthy and costly legal disputes.
Public Liability Insurance covers compensation for injury or accident to a third-party persons or property as a result of your negligence. For example, if a builder is carrying out works on a property and a member of the public is to trip on building material that isn’t secured properly, then compensation would be paid for any injuries to that person. The limits of cover usually start at £2,000,000 and can be increased to £5,000,000, with some insurers £10,000,000. The price of the policy will vary dependent on what level of cover you take.
Employment Liability Insurance is a legal requirement if you employ staff. This would including cleaners, caretakers or volunteers.
It safeguards businesses from legal claims, such as discrimination, wrongful termination, and harassment, that can be brought against them by their employees. This policy is crucial for any employer, particularly those with many employees or in high-risk industries. Failing to have this coverage can lead to significant financial losses and harm a company’s reputation and bottom line. To protect their interests and employees, businesses must have a comprehensive Employment Liability Insurance policy.
This cover can be added to commercial Property Insurance Policy. It is designed to protect the landlord’s rental income in the event that the property becomes uninhabitable due to a covered loss. This could include damage from a fire, flood, or other natural disaster, as well as damage caused by tenants.
Without loss of rent insurance, a landlord would face considerable financial losses whilst a property is unable to generate a rental income whilst it is uninhabitable for an extended period of time.
Often confused with Loss of Rent insurance, Rent Guarantee Insurance or (tenant default insurance) can protect you from the serious financial implications if tenants don’t pay their rent. This policy is not only designed to pay the landlord his rent if a tenant defaults but also pay the legal costs of evicting the tenant and gaining re-entry to the property. Landlords must obtain tenants references for their tenants prior to purchasing this cover.
This cover can be added to a commercial Property Insurance Policy. It is designed to protect the landlord’s rental income in the event that
This cover can be added to commercial Property Insurance Policy. It is designed to protect the landlord’s rental income in the event that the property becomes uninhabitable due to a covered loss. This could include damage from a fire, flood, or other natural disaster, as well as damage caused by tenants.
Without loss of rent insurance, a landlord would face considerable financial losses whilst a property is unable to generate a rental income whilst it is uninhabitable for an extended period of time.
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