As a commercial landlord, you have a lot to consider when it comes to letting your property to a new tenant. Ensuring that you protect your interests and foster a mutually beneficial relationship with your tenant requires due diligence and care. These tips for letting your commercial property will help you keep your priorities straight and manage a smooth and secure rental process.
How to Avoid Insurance Claims When Your Business is Closed for COVID-19
COVID-19 has led to the sudden, temporary closure of businesses all over the country. The UK government has not specified how long the lockdown will continue, so countless enterprises have had to shut their doors without knowing when they will reopen. Whether you rent or own your premises, you may have concluded your last day of trading with your usual end-of-day lockup procedures, unaware that the building may be vacant for a period of weeks or even months.
But is your commercial property secure enough to be left unoccupied for an extended period? And even if you think it is, would your insurance company agree? To answer this question, you have to do two things simultaneously: think like a thief, and think like an insurer. Sound like a tall order? Don’t worry, we’ve got you covered.
First, we’ll outline how your insurer will look at your situation, should the coronavirus lockdown lead to an insurance claim. Second, we’ll set you on course to protect your property against opportunists, thus avoiding the dreaded phone call to your insurer in the first place.
Everything You Need to Know About Vacant Property Insurance
If your property needs to stand vacant for a while, you probably already have a long list of things to do, like securing your property against fire, vandalism, theft, and squatting. There may also be bills to pay, like monitoring, maintenance, and vacant property business rates. (Of course, if you’ve arranged property guardians for the vacant period, you can rest easy on both of these counts!)
Understandably, insurance may be the last thing on your mind if you’re in the process of vacating a property, and that can be fine. If your building is only empty for a couple of weeks, you probably don’t need to start digging out your insurance premium to read the fine print. However, if your property is vacant for a month or more, that’s when you need to double check what cover you will have in the event of a burglary, fire or other damage.