Without suitable buildings cover in place, if your business premises suffered damage, for example from a flood or a storm, not only would you have to foot the bill to repair the damage, you may not be able to continue trading.
Here at Premierline, our advisors are on hand to discuss your business requirements over the phone and help you find the right business building quote at the right price. To find out more about business buildings cover, continue reading.
Business buildings insurance, sometimes referred to as commercial property insurance or commercial premises insurance can typically provide cover if your business premises is damaged and it can cover the repairs and building rebuild costs.
Your building will generally be covered for many insured events such as:
Buildings insurance will typically cover you to reinstate any damage to the structure of the building, as well as the fixtures and fittings inside. The cover also provides for costs for removal of debris and repair of underground services following an insured incident, as well as professional fees incurred, for example, architectural drawings and surveyors’ fees. In fact, it will cover you against all the insured events that are specified within your policy. This could include storm, fire, flood, malicious damage, riot and civil commotion, burst water tanks and many more.
You can also add extras such as subsidence and terrorism cover to suit your requirements. The rebuild cost of your building will consider all of the services required to reinstate your building to its specification before the loss.
When buying insurance, you will also be asked about the rebuild cost of your building. This will consider materials and professional fees to reinstate your building. The rebuild cost of your building can be influenced by many things, including the size, construction materials, and age of the building.
The rebuild cost is very different to the market value as the market value is generally higher as it includes the land the property resides on. However, in some rare cases, the rebuild cost of a building can actually exceed the market value, for example, due to it being a listed building. When calculating the rebuild cost of a building, you must consider the removal of debris, professional fees, materials and labour. If you are unsure, then seek the advice of a professional builder or architect to get a clear understanding of the cost of rebuilding your premises. There are rebuild calculators available on some sites online, including The Association of British Insurers rebuild calculator. These types of calculators can provide you with an approximate value, but may not consider all of the specifics.
The cost of business buildings insurance varies depending on several factors, such as:
Every business is different and will have different insurance requirements. To find out how much business buildings insurance will cost, our expert advisors are on-hand to discuss your requirements and can compare quotes from many trusted business insurers.
At Premierline we can arrange insurance for many different types of businesses. Commercial buildings insurance is often offered as a cover for:
