Pop Up Insurance, underwritten by one of the UK’s largest insurance providers, has been developed by property website Popupspace.com and independent insurance broker WB Baxter Limited.
The very exciting new facility is believed to be the first of its kind. Traditionally retail insurance has been available only on an annual policy basis, meaning tenants with shorter or more flexible leases have been charged annual policy premiums and suffered short period rates on cancellation mid term. Pop Up Insurance is tailored to the needs of the growing ‘pop up tenant’ market and offers unique advantages to those occupying business premises on short lease terms.
Premiums start at a very low level for the minimum one month period of cover, making prices far more competitive than the traditional annual retail insurance policies.
Since its launch in 2008, Popupspace.com has seen a massive increase in the number of short term tenancies and pop up shops on the UK’s high streets. Rosie Cann, Director at Popupspace.com, commented: “The commercial tenants we represent specialise in short term occupation of empty premises. Until now, they have had to take out annual insurance policies and suffer early cancellation premium penalties. We’ve worked closely with WB Baxter to develop a new product that would meet the needs of our clients and we are delighted that specialist insurance is now available.”
Stephen Saunders, Director at WB Baxter insurance brokers, said of the new product: “This new insurance facility with a leading blue chip UK insurance company will be very useful to both start ups and established companies who want to take advantage of trading from a ‘pop up shop’. Through these facilities we can provide the necessary forms of insurance protection at extremely competitive premium rates. As we approach our centenary year we are proud of the first class personal and professional service which we offer.”
Pop Up Insurance (popupspace.com) is based on a traditional retail insurance policy contract and includes*cover for Public Liability; Products Liability; Employer’s Liability; Trade contents, fixtures and stock; Material damage; Theft; and Business interruption.
*Subject to normal policy terms, conditions and exceptions.
Pop Up Insurance is available on any commercial property located in the UK and Northern Ireland – including shops, offices, leisure and industrial premises.
Press contact: Stephen Saunders, Director, WB Baxter Ltd. / T: +44(0)20 8554 5500 / E: Stephen[.]wbbaxter.co.uk.