No matter what industry your business is in, there’s a good chance that you operate from a physical building for your day-to-day work. Even if you do not directly trade from a specific premises, you may rely on buildings – such as a stock warehouse – in order to function.
Because the bricks-and-mortar of a business building can be so integral to its ability to make money, it’s important to protect it against the risks that it may be exposed to. That’s where business buildings insurance can come in handy.
Where you own the property, a commercial buildings insurance policy is typically a core part of a business insurance package, and can be beneficial for many companies to have in place. Business buildings insurance can provide protection against risks such as damage and theft, by helping to fund repairs or replacements.
The assets that are included under buildings insurance cover are usually anything considered to be the main structure of the building. Sometimes, permanent fixtures and fittings, such as fitted kitchen cabinets can be included under protection.
Generally, ‘peripheral aspects’ of your business – such as gates and fences – are not classed as part of the main structure of the building, and are therefore excluded from cover. It is worth checking with your small business insurance provider what is and isn’t included in your buildings insurance before taking it out.
For information on covering specific types of commercial buildings, such as offices, visit our insurance for offices page.
A business buildings insurance policy will usually – although not always – protect against the following risks as standard:
A business buildings insurance policy can also be extended to protect against additional risks, depending on your requirements. For instance, your buildings insurance could be extended to include:
The above is not an exhaustive list, and it’s possible that different insurers may offer entirely different extension options to you. If you are after more specific cover for your business's building, it may be offered through a specialised package. For example, a retailer may consider a shop building insurance package as it may contain relevant extensions, such as shop front insurance, as standard.
It’s likely that there will also be a number of situations outlined in your policy in which your business buildings insurance may not provide protection. These situations will probably vary from policy to policy, but let’s take a look at some common examples.
No two businesses are exactly the same – no matter how similar they may seem – and as such, their buildings insurance requirements will differ, too. Because of the scope for variation, it’s not really possible to provide an accurate business insurance quote for how much your cover will cost without a proper analysis of your business premises.
Here are just a few of the factors that could affect the price of buildings insurance for your business:
For information on commercial buildings insurance costs for specific types of commercial premises, such as offices, visit our office insurance quote page.
To get a no obligation buildings insurance quote based on your business’s needs, give one of Make It Cheaper Financial Services’ experts a call on 0800 970 0077. As well as buildings insurance, we can help you to decide which other forms of cover may be beneficial to your business, and can build a bespoke insurance package around your business’s requirements. Call today.