Buildings insurance covers the structure of the building, together with its fixtures and fittings: it covers the cost of repair or rebuilding after fire or weather damage, for instance. Contents insurance covers the contents of the commercial building that you own or for which you are responsible.

It covers the main structure of your investment. If it were to subside, burn down or be damaged or destroyed by extreme weather, the policy will cover the costs of rebuilding or repair. It also normally covers any permanent fixtures. Do check your building’s insurance policy for any exclusions: most policies will include coverage for outbuildings, boundary walls, gates, drives and paths as standard. Such policies will also typically cover the cost of temporary accommodation should the building need to be rebuilt or if there is a need to move out because the building is severely damaged—for instance, by flood.

Contents insurance covers the contents of the building that you own or for which you are responsible. This may include items such as furniture, carpets or equipment/machinery. Contents coverage is applicable to those contents that are damaged or lost as a result of a fire, theft and special perils. You may be asked to specify certain items on the policy and you may be asked to make additional security provisions such as locks or a burglar alarm if the building is in an area with a high theft rate.

A good buildings or contents insurance company knows that a well-handled claim usually results in a happy customer. We will first want to make sure your claim is valid and covered by your policy terms. When that is done, we will want to settle the claim as quickly as possible—especially in extreme cases. Generally, a claim is settled within a few weeks of the policyholder making it.