What Insurances do I need when entering a Commercial Lease?
Depending on the requirements of your landlord and real estate, there a few different Insurances that your business may be required to insure as part of your lease and Contractual Requirements. Bear in mind, that all leases are different and may not require all of those. The below mentioned Insurances fall part of a comprehensive Business Package Insurance Policy and can be tailored to meet your needs.
Public Liability Insurance
Public liability insurance protects your business from third party property or bodily injury claims where you're found liable for. It can pay the legal, defence and compensation costs in the event a claim is brought against your business.
The lease may require that you need $20,000,000 as a minimum. Some leases do not specify an amount.
Property Insurance
As you're occupying a physical office, retail space, warehouse or the likes, insuring your contents and stock against events such as fire or natural perils like storm is the obvious choice to protect your assets from the unknown.
Business Interruption Insurance
This insurance covers financial losses that may occur if your business is unable to trade because of a fire or natural peril. It will replace your lost business income until your business is back to pre-event turnover levels.
Plate Glass Insurance
Glass Insurance covers your internal or external, or both for Breakage.
Engaging Morgan Insurance Brokers means that we can review your lease and provide you with an insurance solution that will align with your lease requirements whilst also protecting your business.
Do I need Professional Indemnity Insurance?
What is professional indemnity insurance?
Professional indemnity insurance is a type of insurance coverage designed to protect professionals from claims that arise from errors, omissions, or negligence in their professional services that they've provided.
What industries need professional indemnity insurance?
Occupations and industries that provide professional services, and or give advice such as consultants, accountants, lawyers, architects, engineers. This is not an exhaustive list.
Do I need Professional Indemnity Insurance?
When professionals provide advice or services, there could be a risk that their work may result in financial losses. Professional indemnity insurance helps by protecting you and your business by providing coverage for legal costs and amounts claimed in compensation.
Examples of Professional indemnity claims
- Professional negligence Breach of professional duty
- Misrepresentation Defamation
- Infringement of intellectual property rights.
These are a few examples that could be covered under a professional indemnity insurance.
How using Morgan Insurance Brokers can help your business
Morgan Insurance Brokers can help guide you through obtaining a Professional Indemnity insurance policy that is going to best protect your business. Professional indemnity insurance policies can have quite a few conditions and exclusions that are difficult to interpret. We also have access to a large panel of providers that you may not have access to directly.
Contact us today.
Do I need Plate Glass Insurance?
Glass insurance may be a requirement of your commercial lease, or you may find yourself wanting to insure for glass if your unit or shop front has a large amount of glass. This can include internal and external glass.
What does glass insurance cover?
Glass cover can cover emergency costs to secure your address if there was a glass breakage.
It can pay for the cost of repairing or placing the broken glass.
Glass insurance can also pay for the costs incurred to replace sign writing if it needs to be replaced in the event of glass breakage.
How much am I insured for?
Standardly, the glass insurance limit is automatic up to $10,000. However, if you have items of glass that exceed this amount, we can look to get these covered as well.
Do I have to pay an excess?
An excess is usually applicable on all glass claims. $250 is the minimum excess that we see under a standard business package policy.
Contact Morgan Insurance Brokers today for a glass quote for your business!
