Why Getting Four Quotes for Commercial Building Insurance Is Crucial – And How Space Acquisitions Limited Can Help

Commercial building insurance is one of the most important protections a landlord can have, yet many landlords either overpay for their cover or, even worse, end up underinsured without realising it.

At Space Acquisitions Limited, we specialise in sourcing and comparing insurance quotes for commercial landlords to ensure they get the right cover at the best price. Our process involves gathering four competitive quotes—a method that not only ensures fair pricing but also highlights crucial differences in coverage that many landlords might overlook.

Why Four Quotes?

When it comes to commercial building insurance, we always aim to obtain four separate quotes, and there’s a good reason for this:

1.One insurer is often excessively high – Some providers quote far above the market rate due to their risk appetite, making them uncompetitive.

2.One insurer may refuse to cover the property altogether – Insurers assess risk differently, and some may decline to offer cover due to the building’s condition, location, or usage.

3.Two insurers are usually close in price – But their policies often contain critical differences in coverage, exclusions, and claim limits that need to be carefully reviewed.

By going through this process annually, landlords can save thousands of pounds while ensuring they are properly covered.

How Space Acquisitions Limited Helps Commercial Landlords

Obtaining accurate insurance quotes isn’t just about asking for a price—it’s a complex process that requires precise information gathering and a detailed understanding of policy variations. At Space Acquisitions Limited, we handle this entire process on behalf of landlords, including:

•Collecting all necessary details – From property specifications to risk factors, ensuring insurers have the correct information.

•Requesting quotes from multiple insurers – To provide a well-rounded comparison.

•Checking policy exclusions and differences – Many landlords focus on price but fail to notice what’s missing in their cover.

•Identifying potential underinsurance risks – Ensuring buildings are insured at the correct reinstatement value to avoid penalties in claims.

•Providing a full breakdown of coverage differences – Including crucial factors like:

•Terrorism cover – Some insurers exclude it, while others charge separately.

•Subsidence cover – Essential for certain properties but not always included.

•Legal expenses cover – Some policies cover legal costs per claim, while others have an overall limit.

•Claim limits – Understanding whether there’s a total annual claim cap or a per-claim cap, which can affect payouts.

For this service, we charge a nominal fee, but in most cases, the savings we secure for our clients far outweigh the cost.

Why Having the Right Cover Matters More Than Just the Price

Many landlords focus purely on cost, but getting the cheapest policy can be a costly mistake if it means being underinsured. Here’s why:

•Underinsurance penalties – If a property is insured for less than its reinstatement value, insurers may reduce claim payouts proportionally or even refuse to pay out entirely.

•Exclusions that could leave landlords exposed – A policy without terrorism or subsidence cover might be useless in the event of a major incident.

•Legal and financial risks – If legal expenses are capped too low, landlords may be left covering costly legal battles out of pocket.

By taking the time to compare policies properly, landlords ensure that they are not only paying a fair price but also fully protected in the event of a claim.

Final Thoughts

Commercial building insurance isn’t just a box-ticking exercise—it’s a critical risk management tool that protects landlords’ investments. By obtaining four quotes, carefully comparing coverage details, and reviewing policies annually, landlords can ensure they have the right protection at the best price.

At Space Acquisitions Limited, we take the guesswork out of this process by handling everything from quote collection to policy analysis, ensuring our clients are fully informed and never left underinsured or overpaying.

If you’re a commercial landlord looking to review your insurance, get in touch with us today to ensure you’re covered correctly and not wasting money on inadequate policies.

Written by Edward Gray, Managing Director, Space Acquisitions Limited