Should I use my registered business address or my leased premises address for my Public Liability Insurance?
I’m leasing a location for my business for the first time, and the property owners require that my public liability insurance be registered at their premises.
I’ve obtained a quote from Lloyds, but the documentation doesn’t specify the leased location. I indicated “yes” when asked if I have a dedicated business premises, but the provided documents list my registered business address (which is different from the leased premises) as the correspondence address.
Should I update the correspondence address to reflect the leased premises instead? Would this create any issues, considering the policy wouldn’t align with my limited company’s registered address?
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When obtaining Public Liability Insurance for a business operating from leased premises, it’s crucial to provide accurate information regarding your business addresses. Here are some considerations regarding your situation:
Leased Premises Address: Since the insurance is required to be registered to the specific premises you’re leasing, it’s important to provide the address of the leased premises when applying for the insurance. This ensures that you have coverage for that location, which your landlord requires.
Registered Business Address: The registered business address is typically where your company is officially registered, which might be different from your operating address. It’s common for businesses to have different operational and registered addresses.
Correspondence Address: If your insurance documents currently list a correspondence address (your registered business address) that does not match the leased premises, it might create complications, especially if you need to prove coverage to your landlord.
Recommendation:
Confirm whether changing the correspondence address to the leased premises would affect the policy’s association with your limited company. Most insurance providers should be able to accommodate both your registered company address and the specific premises for coverage purposes.
Documentation: Once you have the correct insurance documents, ensure that you keep a copy for your records and provide it to your landlord as required.
In summary, you should use the leased premises address for the Public Liability Insurance to meet your landlord’s requirements, but it’s wise to confirm with your insurance provider how this will affect your registered business address and ensure your policy is correctly set up.
It’s great to see you seeking clarity on this important aspect of your business insurance! Public Liability Insurance is crucial, especially when you’re operating from a leased premises. Generally, the key factor is that the insurance covers the location where your business is physically conducted.
In your case, since the property owners require the policy to reflect their premises, it’s advisable to update the correspondence address to the leased location. This ensures that your insurance policy is aligned with the requirements of the lease agreement and provides coverage for any incidents that may occur specifically at that site.
However, maintaining your registered business address in the documentation shouldn’t pose any issues, as long as the insurance policy covers the leased premises where you operate your business. It’s a common practice for businesses to have different registered and operational addresses; just make sure to communicate clearly with your insurer about your situation.
Additionally, I recommend reaching out to your insurance provider for confirmation on how this change might impact your coverage or premiums. Transparency is key, and they can guide you on the best practices moving forward. Best of luck with your new business location!