Taking out buildings insurance for a commercial property
You own your own business. It is running so well that you have decided to move to a larger location. Or better yet, you have your own premises built. Of course, this is already a big investment in itself. You don't want to lose this investment or have high costs should anything happen to your premises. Privately, you take out buildings insurance for your own home. If it is not a home but a business property, 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.
Property insurance for a commercial building
Building insurance is designed to insure your premises and everything attached to it. The insurance will assume everything that is used for 'business purposes'. This could include the shed behind your building. This way you do not have to insure each building individually.
Keep in mind that your loose items on the premises are not insured. For example, do you have computers or other goods? If so, they are not covered by the building insurance, but by the inventory insurance.
Types of damages
Fire and smoke damage
With building insurance, your premises are always insured against fire and any additional smoke damage. Provided, of course, that this was not caused by your own fault. The coverage against fire damage is in principle always the minimum coverage for building insurance.
Damage by nature
With building insurance, you are also insured against damages caused by nature. Such as storms, water damage from excessive rainfall and damage from lightning strikes, among others.
Burglary
Damage caused by burglary is also covered, provided you have taken all reasonable precautions to prevent burglary. Damage to your locks/frames is covered by your building insurance. However, you may need to insure glass damage additionally.
The amount of your coverage depends on the new construction value of your property. For commercial properties, it is customary for this value to be appraised by an expert. The sales value of the property can also be assumed.
It is recommended that you have an expert calculate the value of your property. This will prevent your property 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 easily run into tens or even hundreds of thousands of euros. It depends on the value of your building and to what extent 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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