Office Insurance - Adding Buildings
Most commercial insurance policies for offices will allow you different options
, or sections, of cover. You have to take out certain sections, such as public liability, money and contents. In addition though, you can usually choose to add other parts of cover, if required.
Most office insurance policies do not need to have cover for the buildings or the structure, the reason being that the premises are usually leased or rented. As a result, the ultimate landlord usually has their own policy for the commercial or business building insurance cover. This is usually passed on as a charge to the renting party, either annually or as part of their monthly rent.
If you do own the building or you have a full insuring and repairing lease, then you will need to either have your own separate cover in place, or you can add this to your office policy.
There are two things to consider, in the main, when you are considering adding buildings.
Firstly, you need to make sure that the structure is insured for the correct amount. As with most commercial policies, your policy will be subject to what is called average. If the building should be insured for 200,000 as the full rebuilding cost, and you only insure for 100,000 then any future claim, whatever the amount will be reduced by a proportionate (50%) amount. If you are purchasing on a mortgage, then in most cases you will receive details of how much the mortgage company recommends you should insure the building for.
The second point to consider is whether you take out a separate buildings policy or add this to your existing cover. It really does depend on which insurer you are with for your package of covers. Certain insurers are very, very competitive for office building insurance, whereas others just tend to charge a mid, ball-park, price.
You should speak to a business insurance
broker for a bit of advice about the best way to go forwards. If you use one of the websites that offer to compare business insurance, you never really get to speak to someone who will discuss the different options available for you.
Business insurance is not something that many people find that interesting or try to understand too much, why would you if you have the ability to speak to a broker? What you need then is confidence that whichever type of intermediary is dealing with your cover is doing the right thing for you at the right price. Get the cover wrong and if there is some form of disaster this can cause numerous problems, usually financial, for you in the event of a serious claim.
Without this advice you may feel on your own and where you are looking to insure something, such as a building, this is usually in the hundreds of thousands of pounds, so you need to get it right.
by: Jack Brown
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