If you’re thinking of joining over 25,000 current Estate & Letting Agents across the UK by setting up your business then you’ll no doubt have spent months meticulously planning and preparing for launch.
From location to web portals, to marketing and back office systems, there is a huge amount to consider – however one key area which is often overlooked until the last minute is Business Insurance. This might not be the most exciting subject, but without the correct protection, you could leave your new business exposed to financial ruin.
As a Commercial Landlord, your property is subject to many risks, including social and catastrophe perils, structural issues and potential legal disputes with tenants. Purchasing a Commercial Property Insurance policy can ensure that you are protected against these risks providing more security around your investment.
Squatting, or living on someone’s empty property without permission, is a growing risk for property owners. The Ministry of Justice estimates that some 20,000 people squat in unoccupied properties - up from 15,000 a decade ago.
Many squatters cause damage to the homes and businesses they choose to live in. Reduce your risk by keeping squatters off your property.
Properties become unoccupied for many reasons and as a Landlord, when your property or land becomes vacant, the increased risk of an insurance claim due to water damage or theft is obvious.
However, a lesser known threat is your legal obligation and duty of care owed to trespassers and the very fact that the property is empty increases the risk of a property owners liability claim and is something any Landlord should consider seriously when looking at their unoccupied property insurance.
Most standard buildings insurance policies will only provide cover for unoccupied or empty property for a period of either 30 or 60 days. Beyond this you will need to ask your Insurer to extend cover or arrange a specialist vacant property insurance policy. In the first instance check your current policy document or speak to your Insurer advisor to understand existing requirements or conditions.