Commercial property policyholders should review their policy for this, to protect the public-facing side of their business. Some policies pay in excess of £2,000,000 to cover payouts for incidents of fatality. Public liability rates are typically high to reflect this large coverage.
Sum insured clarifies the total payout a business owner can expect to receive in the event that their commercial property is condemned, or totally destroyed.
This figure should be high enough that the property owner will be in a position to rebuild their destroyed property. Look for fixed limits of £250,000 or higher, or policies that allow policyholders to choose their own limit. If the sum insured isn’t enough to completely rebuild a property then the insurance company might not pay out, even for partial damage.
Sum insured must completely cover rebuild costs, but these costs are not set. As the economy fluctuates and inflation occurs, rebuilds costs can increase beyond a policy’s sum insured. This is why it is important to set an index-linked sum insured.
Index-linked sum insured means that the sum insured will rise parallel to annual inflation, so that a policy continues to cover the sum insured, even if it rises beyond the value initially set out.
Read more about insurance for small businesses here.
Insurance Costs: What to Expect
Everything from property type to location, risk rating and security measures can influence an insurance policy’s premium. Individuals seeking commercial property insurance are advised to shop around in order to secure the best policy for them and their property.
In particular, security rating plays an important role in determining policy rates. A more secure, better protected property is less likely to be a crime risk, making insurance costs lower.
UK Roller Shutters supply insurance approved roller shutters for retail, commercial and industrial premises nationwide. Our industry-leading roller shutters are proven to reduce commercial property insurance costs, helping business owners to secure their premises against criminal activity and lower their insurance rates.
Our standard Galvanised Steel Shutter prevents illegal access to business premises. When lowered, the Galvanised Steel Shutter creates a physical barrier through which unauthorised individuals cannot pass.
Open, the roller shutter retracts above the door, leaving the aperture largely unobstructed to facilitate business functions like warehousing and deliveries. The galvanised steel material requires little maintenance and is incredibly long lived. This roller shutter is available in electric or manual form, and can be supplied up to 10000 mm wide.
When required, we can guarantee a distinct security or fire rating accreditation including SBD (Secured by Design) or LPS 1175 security rated levels 1-4, proving heightened security to insurance providers. (LINK to What Is LPS 1175? article)
Install a Galvanised Steel Shutter on your business premises for stronger security measures and lower commercial property insurance costs.
For more information about our roller shutters, get in touch by calling 01384 221743. You can also contact us online.