- Cover for contract works, including existing structures in joint names with contractors
- Insurance for renovations, refurbishments, extensions and new builds
- Suitable for contract values between £50,000 and £150m
- Cover for both occupied and unoccupied premises
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Safeguard your project
Renovations, building works, extensions and contract works can be complex and stressful.
At Wesleyan Financial Services, our experts specialise in finding tailored cover for your project, ensuring you’re financially protected if things go wrong.
What’s covered?
- Contract works
- Damage to materials
- Unexpected professional fees
- Debris removal
- Offsite storage costs
Protection against accidental loss, damage or destruction to the work in progress on site. Covers additional labour costs and materials required to put you back where you were before the damage occurred.
Cover items damaged in transit to and from the site, at the contract site and during the maintenance or defects liability insurance up to 12 months after completion.
This includes fees incurred in the reinstatement of works following damage that the insurer has agreed to pay for.
Removal of a percentage of the contract value, following damage that the insurer has agreed to pay for.
Costs covered up to an agreed amount with the insurer.
What’s not covered?
- Damage not listed in the contract particulars
- Defective design
- Damage caused post-completion of the works
- Pre-existing defects
Any damage that occurs to items or areas not listed in the contract, will not be covered.
Loss or damage that links back to the design of the building or the renovation plans. This includes any design that has been completed to a poor standard.
Any damage that occurs once the contractors have completed the renovation works.
Any issues which existed prior to commencement of the renovation.
Wesleyan member? Get 20% of your insurance premium paid by us*
Protect your business and your pockets when you take out a new renovation insurance policy as a Wesleyan member. You can benefit from 20% off the cost of your premium.
Additional protection
Commercial building works insurance can be tailored to include a range of additional protection options, for that extra peace of mind.
- Existing structures cover
- Joint name policies
- Property owners liability
- Protection for contractors' equipment
If needed, we can broker policies to insure both the contract works and the existing building as part of the contract.
If required by the building contract, we can broker policies to insure you as the employer, as well as your contractor.
We can source cover for claims made against you as the property owner for legal liability related to personal injury or damage to third-party properties.
Protects against financial loss if your *contractor's machinery or equipment is damaged, lost or stolen during the course of your project. This coverage can be part of a broader Contractors All Risks (CAR) policy.
* Can also be put in place for equipment hired by your contractor
Important information
Things to know before you apply
Limits, exclusions and charges do apply. Full terms and conditions of the policy and cover, including the policy benefits and exclusions, will be contained in the Policy Wording and Policy Summary. Risk must be acceptable to underwriters at normal terms.
Wesleyan Financial Services is a broker, and its insurance products are provided by a number of insurers.
Key documents
Before you apply for cover, you should read the following documents:
Frequently asked questions
Unless you are only carrying out minor works, such as decorating or installing new carpets, you should inform your insurance provider before starting any renovation or building work. Failing to do so may result in your policy being voided or not covering the costs if something goes wrong.
Your insurer or broker will be able to advise on what your current policy covers, and whether renovation insurance is necessary for your specific project. Taking these precautions ensures that you’re not left unprotected if something goes wrong during the renovation, giving peace of mind knowing you’re fully covered for any risks or unexpected issues that may arise.
Cosmetic changes are typically anything that doesn’t affect the structure of your property. For example, redecorating. For these changes, it’s unlikely that you’ll need renovation insurance.
A renovation project can be as small as upgrading your internal plumbing or as large as adding an extension to your property. If you aren’t sure whether your project would be classed as a renovation, ask your current insurance provider. They’ll be able to tell you if your plans are covered or if you need to take out renovation insurance.
Alternatively, you can apply for a quote with us today and one of the team will be in touch to discuss your needs.
The cost of cover will depend on the nature of your property and size of the project. Our quotation would depend on a number of factors including:
- If you require cover for the existing structures, the rebuild value of the premises
- Scope of work – The size and complexity of the renovation project will influence the premium
- Any major structural works (e.g. extensions, conversions) may require more extensive coverage
- Length of the project
Renovation insurance also covers potential losses, which would not be insured under your standard Buildings Insurance such as heat works, open roofs, unoccupied premises, materials on site, additional liabilities.
All of these factors will influence the level of cover required, and in turn the premium for the policy. Larger, more complex projects with higher risks will typically result in higher premiums, while smaller, less risky renovations may be more affordable.
If you’re looking to save money on your insurance, you can get 20% off as an eligible Wesleyan member for both commercial and home renovation insurance.
If you are renovating a property to be let out for commercial purposes, renovation insurance can cover the premises whilst unoccupied.
Once the renovation is complete and you’re ready to lease the property, you will need to switch coverage:
- Landlord insurance (Property Owners Insurance). This protects your property in the event of damage, liability, or other risks associated with leasing to tenants.
Feel free to contact us, and we can guide you through the best options for your commercial property’s renovation, lease, or unoccupied periods.
If the property remains unoccupied for a period of time after the renovation (before finding tenants or in between leases), you may need additional coverage:
- Unoccupied Premises Insurance: This specific policy covers properties that are temporarily uninhabited, offering protection against risks like vandalism, theft, and damage that might not be covered by standard property insurance during periods of vacancy.
Feel free to contact us, and we can guide you through the best options for your commercial property’s renovation, lease, or unoccupied periods.
Yes, you can extend your cover if your project is lasting longer than expected or you decide to carry out additional works. In this instance, a pro rata additional premium is applied.
Get a quote for commercial renovation insurance
Complete the short form below and a member of our team will call you as soon as possible. Alternatively, if you wish to discuss cover requirements with one of our advisors, please call us on 0800 107 5810.
Already have a commercial renovation policy with us? Existing customers should contact us here.
* Opening hours are Monday-Friday 9am-5pm