High street takeaways were tipped as being the most resilient for this line of insurance
Demand for commercial property has plummeted, according to comparison website Quotezone - it has recorded a 49% drop in insurance policy quotes for office space in the UK, based on data from 11,000 commercial property insurance policies.
Founder and chief executive of Quotezone Greg Wilson said: “According to Marsh’s recent report, commercial property insurance costs increased by 24% in Q4.
”If businesses do experience an increase when renewing their policy, it’s important they consider switching providers.
”Now is a challenging time for most businesses, so it’s crucial to avoid unnecessary costs wherever possible.”
More balanced life
The most resilient properties arising from the pandemic, according to Quotezone, are high street takeaways. The number of insurance quotes for this type of commercial building increased by 4% in 2020.
Wilson continued: “The data offers a glimpse into the post-pandemic commercial landscape and it will almost certainly be different to life before 2020.
“For one, the data shows a big shift around office culture and continued home working could be a large step towards achieving a more balanced worklife in the UK.
”It is also positive to see some industries growing, even in the midst of multiple lockdowns, however it’s important to remain vigilant with savings.”
So, there could be resistance from employees to return to physical offices post-pandemic; Quotezone cited figures from consumer data company Statista, which found that 73% of office workers believe they are more productive when working from home.
The average UK commute is 58 minutes, meaning many workers lose two hours a day in travel to and from work.