While industrial and commercial property insurance is often thought of as one of the simpler, more mainstream insurance products, it’s worth noting that things can be more complex than they seem. By investing time upfront to truly understand your business, we can arrange quality cover at the best possible price.
What does industrial or commercial property damage insurance cover?
The policy covers loss or damage to assets like buildings, stock, machinery, office and other contents. It’s important to keep an accurate value of all assets to be able to demonstrate how your sums insured have been arrived at in the event of a claim. Most policies insure the value of reinstatement with new equivalent items including installation. Policy definitions are key - often Buildings include walls and car parks, Machinery includes customers' goods, Stock includes work in progress, etc.
The two types of commercial property damage policy are:
- Fire and allied perils
- Property All Risk
As the name sounds, “All Risk” offers much broader cover, allowing bespoke policy wordings that can cover a range of risks, including fire, lightning, flood, impact damage, aircraft damage, bursting of pipes, malicious damage, theft etc, as well as accidental damage.
Other areas robust commercial property insurance should cover:
- Loss of profits
- Increased cost of working
- Loss of rent
- Legal fees
- Consulting fees e.g. architects or surveyors
While these policies are readily available in the market, all covers are worded differently. You'll encounter contrasting approaches to:
- Limits & sub limits
- Losses at subcontract processors
- Supply chain risks
- Flood coverage
- Concurrency (how will property claim be processed if more than one policy applies)
Being able to confidently navigate the market, with consistently up-to-date know-how, means that we can find quality cover at a very competitive price.