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insurance: Landlords Insurance

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Landlords Insurance

Commercial insurance is a complicated business and it would be wise to obtain expert advice on the types of insurances required for your business and some recommendations on insurance companies. There are many things that could go wrong that insurance is essential to protect your company, assets and employees. An employer has a legal responsibility to have public liability and employers liability.

There are many types of insurances associated with running a business such as insuring property, assets, health and public and employers liabilities. The policies must be read and checked for compliance and questions raised if necessary. A brief description of each type is given below:

Public Liability Insurance:

Protects against third party claims for compensation resulting from personal injury or damage to third parties property whilst on the business premises or in the course of doing business with the company.

Employers’ Liability Insurance:

It is a legal requirement to have this insurance to protect employees. This applies to full time, part time or temporary employees and protects the business against claims for compensation by employees who suffer personal injury or loss and damage to their property whilst on the premise or in the course of their employment. It also protects the business for compensation claims by employees who contract an illness as a direct result of the nature of the business.

Read More Below

Company Minimum Buildings Excess Maximum Contents Cover Maximum Building Cover Rent Guarantee Cover Accidental Damage
NatWest £50 £50,000 £1,000,000 No No
More Th>n £100 £10,000 £2,500,000 Yes Yes
Direct Line £100 £250,000 £2,000,000 Yes Yes
Axa £100 £50,000 £5,000,000 No Yes
Endsleigh £100 £50,000 £10,000,000 No Yes

Property Insurance:

Property insurance covers all buildings, contents and business assets, owned by the company against loss or damage caused by insurable events which would include, fire, theft, flood, storms, earthquake, falling trees and branches, damage caused by leaking or burst oil pipes and equipment, leaking or burst water pipes and fittings caused by freezing, commotion, riots and civil and political unrest.

This policy covers all tools, equipment, furniture, fittings, office equipment and any other equipment necessary to carry out the business. Ensure that the valuation of the business, usually carried out independently by a chartered surveyor, is sufficient to cover replacement costs and the valuation is annually updated to account for inflation. You should also include for costs of business interruption in the event of an insurable event.

If you need more information on how to insure your business, then you can browse the internet and search for the different policies offered by the various companies. There are also comparison websites which compare the rates, coverage and deals offered by the various companies.

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