Taking out buildings insurance for a commercial property
You have your own business. It is doing so well that you have decided to move to a larger location. Or better still, you have your own business premises built. Of course, this is a large investment in itself. You do not want to lose this investment or incur high costs if something were to happen to your premises. In your private life, you take out buildings insurance for your own home. If it is not a house but a business premises, you take out what is known as "buildings insurance".
But what exactly is building insurance? What does it cover? And how do you choose the best insurance, for your situation? In this blog, Alpina explains it all for you.
Home insurance for business premises
Building insurance is intended to insure your premises and everything attached to them. The insurance will be based on everything that is used for 'business purposes'. This may also include the shed behind your building. This way, you do not have to insure each building individually.
Please note that your loose items in the building are not insured. Do you have computers or other goods? Then they do not fall under the coverage of the building insurance, but under the inventory insurance.
Types of damage
Fire and smoke damage
With building insurance, your premises are always insured against fire and any additional smoke damage. Provided, of course, that it was not caused by your own fault. The coverage against fire damage is in principle always the minimum coverage for a building insurance.
Damage by nature
With a building insurance you are also insured against damage caused by nature. For example, storm damage, water damage due to excessive rainfall and damage due to lightning strikes.
Burglary
Damage caused by burglary is also covered, provided you have taken all reasonable precautions to prevent it. Damage to your locks/frames is covered under your building insurance. However, you may have to insure glass damage additionally.
The amount of your coverage depends on the new construction value of your property. For business premises, it is usual for this value to be assessed by an expert. It is also possible to take the market value of the property into account.
It is advisable to have an expert calculate the value of your property. This will prevent your premises from becoming underinsured. Does your property need to be completely rebuilt? And are you underinsured? Then unfortunately you will have to pay the amount not covered yourself. For business premises, this can quickly run into tens or hundreds of thousands of euros. Depending on the value of your building and the extent to which you are underinsured.
Coverage amount
Have the value of your property recalculated regularly. This way, your property may become worth more or less. Is your property becoming worth more? Then you are underinsured. Is your property becoming worth less? Then you will pay too high a premium. Both cases are undesirable. Therefore, have your property revalued every few years.
Business property insurance? Take out your building insurance with Alpina: simple and affordable
Are you considering purchasing buildings insurance for your own commercial property? Then take out building insurance with Alpina now. With building insurance from Alpina, you are always covered as fully as possible for the best premium. Do you have any questions about our building insurance? Then feel free to contact our customer service team. They are only too happy to answer all your questions.
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