Lifesure – Using our experience to your advantage
Finding the right insurance for a commercial property can be a minefield, as no two properties are the same, either in shape, size, location or their use.
Speaking to us takes the risk out of looking for the right insurance, as we are a specialist commercial broker who has access to wide range of insurers and their policies, most of which won’t be found on the open market.
All of our policies vary in the level of cover and protection that they give and not all policies will be suitable for everyone. Some policies also have optional cover should you require it, including employer’s liability and cover for rental income, which can be added for an additional premium.
In order for us to give you the best service possible, please call us on 01480 402475, where one of our business advisers will be happy to talk to you and go through the available options and cover.
Includes such items as –
- Fire, lightning, explosion, aircraft
- Storm, flood
- Trace and access caused by escape of water
Property Owner’s Liability
- Up to £5 million including legal defence costs following a claim brought against you as a landlord
As well as the standard cover, there are also optional extensions available including:
- Landlords contents
- Accidental damage
- Commercial legal expenses cover
- Employers liability
More information about public liability insurance and what it covers you for can be found here.
More information what employer’s liability insurance covers you for can be found here.
As with all insurance policies there will be exclusions and conditions attached. The level of cover that you choose will determine some of the exclusions and as we have a range of insurers, the exclusions and conditions vary between them. Talking to one of our advisers will ensure that you have the policy that best suits your needs.
Please make sure that you read your policy documents for the full list of exclusions and call us if you have any questions.
These are sample policy documents for the commercial property insurance policy. Please note that these are just a small sample of the insurers that we use. For full details about your policy please speak to your Lifesure adviser.
Our landlord advice library contains articles and blog posts on a wide range of landlord related topics including start-up advice, finance for landlords, managing tenants and health and safety.
To access the library please click here.
The government have produced a booklet on the Regulatory Reform (Fire Safety) Order 2005 which you may find useful for your property and which is available to download.
What is the difference between “loss of rent” and “rent protection”?
Loss of rent is a normally a standard policy extension to any policy covering a property that you do not occupy yourself. This will cover your loss of earnings (earned from taking rent) following a claim that renders the property uninhabitable. A rent protection or rent guarantee policy is a separate policy that you can take out to provide cover for your loss of rent in the event that your tenant does not pay (subject to the conditions, exclusions or warranties applicable to that policy).
What is the difference between market value and rebuild value?
The “market value” of a property is the cost of the land; the cost of building the property plus any additional amount added based on location & local amenities (amongst other variables) that may determine the purchase value of a property.
The “rebuild value” of a property is just the cost of the building materials, the labour costs incurred in building a property, plus the cost of clearing the site of debris following a claim and any subsequent fees and costs such as legal fees, surveyors costs, architects fees, etc. The latter is what insurers will use to calculate your insurance premium and determine the policy terms, as it gives a better reflection of the “risk” the insurers are taking on insuring the property.
What is the average amount of public liability I need?
There is no “average” amount for public liability insurance. The limit of public liability insurance you choose should reflect the size of your business and always be adequate to cover the worst possible scenario for a claim that you could cause. For example, a tradesman working solely on empty domestic houses with a total value of £100,000 far away from any other third party person or third party property which they might injure or damage, might consider a lower sum insured than a tradesman working on a school with a £2,000,000 value whilst there are children in attendance.
What is property owner’s liability cover?
Property owner’s liability cover is public liability insurance covering your legal liability against claims arising from the ownership of your property, including liability incurred under the Defective Premises Act. Property owner’s liability insurance will cover costs and rewards incurred by you through claims brought against you due to the injury of a third party or damage to third party property either caused by, or on the grounds of, the property.
What is employer’s liability?
Employer’s liability will cover costs and rewards incurred by you through claims brought against you for the injury of an employee or damage to employee’s property for which you are legally liable.
IMPORTANT NOTE: Employer’s liability is a legal requirement of any person or company that employs another person (whether you pay them or not). To find out if you are exempt or not please check the Employers’ Liability (Compulsory Insurance) Act 1969.
Why do I have an employer’s liability certificate with my landlord insurance?
If employer’s liability insurance is included on any type of policy that you buy, it is a legal requirement that the insurer provide you with an employer’s liability certificate. This cover is sometimes included on a landlords insurance policy to protect you against costs and rewards, incurred by you, through claims brought against you for the injury of an employee for whom you are legally liable for. Employees may include domestic staff that work on your property, who may not necessarily be classed as a third party, as you are employing them to do a job.
If you’d like us to contact you closer to your renewal date, please leave your details below and a Lifesure adviser will be in touch in due course.