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Whether you own or rent the building your business operates from, protecting the physical structure of your property is essential. Without the right commercial building insurance in place, an unexpected incident such as a fire, flood, or escape of water, could leave you facing substantial repair bills that threaten your entire operation.
At Markel Direct, we understand the unique risks facing property owners and business occupiers. Our specialist commercial property insurance combines comprehensive cover with professional support services, giving you more than just an insurance policy.
In this guide, we'll take you through what commercial property insurance is, who needs it, what it covers, how much it costs, and how to get a commercial property insurance quote.
Commercial property and building insurance is relevant to a wide range of businesses and property owners. You are likely to need cover if you are:
If you are a tenant who rents commercial premises, responsibility for insuring the building typically rests with your landlord. However, it is important to check the terms of your lease, as some agreements place an obligation on the tenant to take out insurance for the building. We cover this in more detail in the FAQs section below.
With Markel Direct, you can insure commercial properties up to £500,000 in value. Whether you own a single office or a mixed-use commercial building, we can help you put the right cover in place.
Commercial property and building insurance is relevant to a wide range of businesses and property owners. You are likely to need cover if you are:
If you are a tenant who rents commercial premises, responsibility for insuring the building typically rests with your landlord. However, it is important to check the terms of your lease, as some agreements place an obligation on the tenant to take out insurance for the building. We cover this in more detail in the FAQs section below.
With Markel Direct, you can insure commercial properties up to £500,000 in value. Whether you own a single office or a mixed-use commercial building, we can help you put the right cover in place.
A good commercial property insurance policy will provide protection against a broad range of risks. Here is what commercial property insurance coverage typically includes:
It is worth noting that commercial buildings insurance coverage focuses on the structure of the building itself, not the contents or equipment inside. For protection of business equipment, furniture, and stock, you may want to consider adding business contents insurance to your policy.
Here are just some of the reasons to purchase your cover from us:
Accidental damage buildings insurance extends your standard commercial property cover to include unforeseen incidents that cause physical damage to the structure of your building, where no deliberate act or specific insured peril is involved.
For example, a contractor working at your premises accidentally puts a ladder through a window, causing structural damage to the frame. Or a tenant drilling into a wall inadvertently damages a supporting structure. In both cases, standard commercial property insurance may not respond — but accidental damage can help you cover these types of incident.
Typical examples of situations that can be covered under accidental damage buildings insurance include:
Choosing the right commercial property insurance policy means taking the time to assess your specific risks, checking any contract or mortgage requirements, and ensuring you're not left underinsured. Below are the key cover options to consider when building a policy that works for your business.
While commercial buildings insurance protects the structure of your property, it does not cover the equipment, furniture, and stock inside. That's where business contents insurance comes in.
Business contents insurance helps to cover the cost of replacing or repairing business property (such as computers, office furniture, machinery, and stock) if it is damaged, stolen, or destroyed. For businesses that rely on physical equipment to operate, this cover is an important complement to your buildings insurance.
Example claims include:
Even with the best commercial property insurance in place, significant damage to your premises could force your business to temporarily cease trading. Business interruption insurance helps cover the loss of income and the additional costs of trading during the period you are unable to operate from your premises normally.
Example claims include:
Employers' liability insurance is a legal requirement for any business that employs staff in the UK. It provides cover for your business against claims for injury or illness suffered by employees arising from their employment.
If employ staff, whether permanently, part-time, or on a casual basis, you are legally required to hold employers' liability insurance with a minimum of £5 million in cover. Failure to do so can result in a fine of up to £2,500 per day.
Example claims include:
When you take out commercial property insurance with Markel Direct, you gain access to a range of professional support services at no extra cost:
If you have an existing policy with us, please sign in to view your policy documents.
Below you will find examples of the documents provided.
These frequently asked questions are designed to help you and include questions relating to policy cover, pricing and ‘technical’ terms.
Responsibility for commercial building insurance typically falls to the property owner, whether that's a freeholder, landlord, or property investor. If you own the building outright, you are responsible for insuring the structure.
If you are a tenant leasing commercial premises, you should check the terms of your lease carefully. In most cases, the landlord will arrange buildings insurance and may pass the cost on to the tenant as a service charge. However, some leases place the obligation to insure the building on the tenant directly. If in doubt, seek legal advice before assuming you're covered by your landlord's policy.
Commercial building insurance is not a legal requirement in the UK in the same way that employers' liability insurance is for businesses with staff. However, if you have a mortgage on your commercial property, your lender will almost certainly require you to hold buildings insurance as a condition of the loan.
Even where it is not legally compelled, commercial property insurance is widely regarded as an essential safeguard. The cost of repairing or rebuilding a commercial building following a major incident can run into hundreds of thousands of pounds: far beyond what most businesses could absorb without insurance.
Commercial property insurance typically includes cover for the structure of the building against a range of insured perils, including fire, storm, flood, subsidence, escape of water, theft, and vandalism. This can cover the cost of repairing or reinstating the physical fabric of the property: walls, roof, floors, windows, and permanent fixtures.
It does not typically include business contents or equipment, which require a separate contents insurance policy.
Accidental damage cover on buildings insurance protects against unintentional physical damage to the structure of your commercial property that is not caused by one of the named risks in your standard policy. Common examples include accidental breakage of fixed glazing, structural damage caused by contractors during maintenance work, or damage caused by a vehicle colliding with the building.
It is worth reviewing your policy wording carefully, as accidental damage cover is typically subject to certain exclusions, for instance, damage caused by wear and tear, gradual deterioration, or poor maintenance is not usually covered.
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