Commercial property insurance doesn’t need to be complex when you navigate it with Morgan Insurance. However, a common misconception is that all you really need is for your building structure to be insured. The truth is, there’s more to commercial property insurance than just the building. 

In the event of a catastrophe that impacts your property, you’ll need to think about more than just the building structure. For instance, legal liability and lost income. These are elements that commercial property insurance helps protect you against, so you can ensure your assets and investments are properly protected. How do you determine what you’re liable for Vs what your tenant is liable for? Morgan Insurance can help break down your commercial property insurance. 

What is Commercial Property Insurance?

Commercial property insurance is a type of insurance policy that protects property owners and landlords from financial losses that can be incurred from damage to their commercial buildings and assets. These damages can be caused by fire, theft, vandalism, storm or water damage and natural disasters. The insurance covers any physical damage and lost assets, but it also compensates for any lost income and ongoing expenses from interrupted operations. A landlord or property owner needs to be insured with commercial property insurance as it separates their liability from any damages or losses caused to the property or by the tenant. 

To ensure that your property is a long-term investment that you can benefit from, considering commercial property insurance is crucial.

What Does My Insurance Not Cover?

All commercial property insurance policies are different depending on your needs, your insurer and your agreement. However, typical exclusions include:

• Damage caused by poor maintenance and care
• Tenant theft or fraud
• Losses that exclude policy limits

It’s important to be clear on the exclusions of your policy so you can be prepared for what is not covered and included. With Morgan Insurance as your expert advisers, we’ll make sure that the terms of your policy are clear and understood. Reach out to our team today for more information.

Commercial Property Insurance: Breakdown

So, although your building is a clear asset and investment, commercial property insurance protects more than just your property. The cover includes: 

Public Liability

Your commercial property insurance will provide you with financial protection if a third party (i.e. a customer) is injured or their property is damaged inside your building and premises. An example may be if a visitor slips on a wet floor area. As the property owner, you would be liable for their injury in a legal procedure. However, with your public liability inclusion in your cover, you can ensure that you’re protected in these scenarios. 

Business Interruption and Loss of Rent

In the event of an emergency or unforeseen circumstance, your property may become uninhabitable, which can lead to loss of rental income, otherwise known as business interruption. With commercial property insurance, you can continue making your mortgage payments while the property is being repaired and you’re not receiving rental payments. Thus, it’s vital to maintain a steady cash flow and protect the longevity of your property as an investment.

Machinery Breakdown and Glass Coverage

When machinery breaks down or glass is broken, the costs to repair or replace can be high. It is common for boilers, washing machines or air conditioning systems to fail and break, so you don’t want to be left covering that cost alone. How often do children break windows when they’re playing outdoor sports? This is damage you may be left paying for if you’re not properly covered with commercial property insurance. 

Your Insurance Guide With Morgan Insurance 

Understanding your commercial property insurance is easy when you have Morgan Insurance by your side. We’re experts in navigating the market and finding you an insurance policy that makes sense for you and your investments. So, protect more than just your building when you partner with us, and we’ll make sure you know what you’re covered for. With us by your side, you can understand what you’re liable for and what you’re tenants are liable for, so there isn’t any confusion.

It’s easy to get started. Our team of experts can review your current policy for clarity and find you a better one. Get in touch today.