Property insurance that covers the risks associated with a warehouse can be far trickier than it first appears. Not least as the types of warehouses and their uses can vary so widely.
It means that commercial insurance for a warehouse owner or occupier must take into account a lot of variables. This includes, for example, the age of the building, its size, the infrastructure around it and the category of stock it holds.
Plus, anyone who owns or leases a warehouse could well find its contents, and traffic in and out, fluctuates over the course of a year. This can all make commercial property insurance for a warehouse a headache.
It’s all too easy to find yourself paying too much for warehouse insurance, supporting risk cover that’s in excess of your general use of the building. Worse still, when a major problem happens such as theft or damage, you could find that your warehouse is under insured. Or not even covered at all!
There’s no point meeting the premiums for warehouse insurance if the policy is not tailored to your specific business operations and risks. That’s why “off the shelf” insurance solutions can be a bad idea. They may sound cheap but they could prove very costly if your insurance claim is denied.
It’s vital to find affordable warehouse insurance that is bespoke to your business operations and building. Before you get a quote from us for this type of property insurance, let’s look at it from the perspective of both the warehouse property owner, and the business or individual who leases warehouse buildings.
Warehouse insurance for property owners
Having adequate insurance cover for your warehouse building and its infrastructure manages your own risks. But it's doubly important if you lease the property out and need to protect the business operations it supports.
Having property insurance specifically for a warehouse is the starting point. However, you may also need to take responsibility for public or property liability. This covers you if anyone is injured while on or around your premises.
Depending on what your warehouse is used for, you also need to be sure you have fire and other perils properly covered. Are there other risks that need to be considered, such as storage of flammable or toxic substances?
Your commercial property insurance also needs to fully cover your fixtures and fittings, including racking and loading and unloading equipment such as cranes or forklifts. It goes right down to the smooth operation of your warehouse doors.
The last thing you want is to find that your warehouse – and your tenant’s business – can’t operate successfully as your policy doesn’t cover a specific category of theft or damage. Or equipment failure.
You may also get peace of mind from property insurance for your warehouse that includes problems with a steady flow of rental income. Here at Property Insurance Brokers, we can help with this
Warehouse insurance for owner occupiers
The fabric of the build you lease, and the access areas, could well be covered under the owner’s policy. However, it's important to know what insurance you need as a lease holder for a warehouse.
This could include, for example, a policy that covers fluctuating stock levels. It may also need to focus on operations for receiving, storing, picking, packing and shipping.
Have you considered business interruption cover, and made sure that your business will be able to continue to operate when problems happen?
Is part of your warehouse being used for breaking bulk stock, assembling or manufacturing activities? They too will need to be taken into account.
Do you hold any goods or data in secure off-site premises? That could be a further factor in getting all your risks covered by a suitable warehouse insurance policy. If you're uncertain about the cover you need, contact us at Property Insurance Brokers
Different types of warehouse insurance
As shown, where warehouse insurance is concerned there is no “one size fits all” policy.
You need to find a policy that matches your needs – and preferably one that’s flexible to the changes your warehouse or business operations will inevitably face over the months.
This can start with finding the right category of warehouse insurance, then creating the right levels of risk cover within that policy.
Different warehouse policies offer different types of cover – such as ones that simply protect buildings, equipment and stock. Others add in Property Owners Liability cover as standard, for example.
You can also get separate insurance policies to cover specialist warehouse operations, such as one that protects you against business interruption or handling hazardous materials.
Where to start in buying warehouse insurance
As getting the right solution at the right price is so important, the best place to start is by contacting us.
We have carefully selected partners in the insurance market who have a great track record for meeting the needs of warehouse owners and tenants.
We can guide you towards finding the right policy for you, from a choice of over a hundred insurers and underwriters from local and international markets.
This means insurance that’s not “off the shelf”, but tailored specifically to your warehouse business now and in the future.
Contact us at Property Insurance Brokers for a quote today.