Why do I need Commercial property insurance?
Buying a property for commercial buy to let purposes is becoming more popular with landlords wanting to extend their portfolio or for business owner who wish to take the jump from rented premises to owned. Any property, regardless of ownership, that is used for commercial purposes must be insured on a commercial property insurance policy in order to offer an adequate level of cover for the owner.
Commercial property owner’s insurance is special protection designed for landlords when letting out to third parties for commercial use and this can include retail, offices, warehousing or any other form of commercial use by the third party.
Commercial property owner’s insurance is not legally necessary but many mortgage lenders will require this insurance when lending money. If you do not take property owners insurance, you will have to pay for any damage the property suffers and you will also be liable for any third party compensation claims related to the property damage or injury through negligence. It is for this reason that Todd & Cue recommend you to have the best commercial property insurance for your property. It will also give you the peace of mind that you will be covered for the different eventualities.