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Are you a Landlord of a Commercially Let property?
Commercial property insurance helps businesses pay for repair or replace property that was damaged by a fire, storm, or other event covered by the policy. It also pays to replace stolen or lost property.
You can buy a single policy to cover a business with more than one location, unless the locations have different functions and risk profiles. For instance, you might have an administrative office at one location and a factory at another. If your business has operations at multiple locations, you may need separate policies.
If you rent or lease a building to a tenant the property they own inside the building usually won’t be covered by the property owner’s policy. Your tenant needs to insure their machinery, furniture, stock and contents.
Understanding Commercial Property Premiums
Insurance companies use a process called underwriting to determine the frequency and the likelihood of a possible property claim. The greater the likelihood of a claim, the higher the premium will be.
Fire Risk is usually the primary factor that determines a business’s commercial property rates. Insurance companies sometimes carry out inspections or surveys as part of the underwriting process. Fire inspectors use a standard rating system and weigh five factors to determine a structure’s fire rating.
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