Unoccupied commercial property insurance
It is a sad fact that commercial property owners can be faced with long periods between lettings. More than one in seven retail stores across the UK are empty and in some small towns the number of boarded-up shops is nearly as high as two in five.
Unoccupied commercial property insurance is a cost effective way to protect unoccupied property from risk. Unoccupied commercial property insurance is appropriate for properties which may be left unoccupied for 30 days or more.
Unoccupied commercial property should be:
- Secure the property. It is essential to make sure a unoccupied commercial property is secure
- Perform regular checks. A commercial property that’s unoccupied should be checked regularly
- Check for possible fire hazards. Any flammable materials or substances should be removed from a unoccupied commercial property
- Prevent water and gas problems – check pipes and utilities are secure
If the property is likely to be unoccupied for some time it is essential that you inform your insurance broker and arrange unoccupied commercial property insurance as standard commercial property insurance will often not provide cover for property unoccupied for more than 30 days.
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