Editing Building Insurance Could Save Your Business

At Compendium we know how specialised building insurance can be. No building is exactly alike. Just like no client is exactly alike. Which is why we have dedicated building insurance brokers. Their experience and insight are invaluable. They will assist you in getting insurance that suits you, your property and your specific needs.

And, as with all our brokers, they make what can be a daunting process as simple and easy as possible.

If you own a commercial or business property, you need to be certain your greatest asset is fully insured.

[http://www.cig.co.za/articles/car-insurance/building-insurance-could-save-your-business Building insurance] is complicated. The number of options and terms and conditions you need to consider can quickly overwhelm anyone. And a lot of advice out there is misinformed or completely incorrect. Leaving many property owners under-insured without realising it. Which means they, and their business, are at serious financial risk.

You need your property correctly valued.

You should have had this done when the purchase was finalised. Some banks incorrectly advise to insure property for the original bond amount. But your original buying price depends on the property market and may differ significantly from the actual value of your property.

Building insurance should cover the replacement value of your property.

Standard building insurance only covers damage to the "brick and mortar" of your property. But it neglects to account for the true value of the property. You need to factor in the replacement value of all the property's assets. Include fitting and fixtures like awnings, elevators, air-conditioning systems and even the paving in common areas, like in the parking lot.

Some simple calculations will prove that being insured for the bond value of your property, doesn't cover costs to repair or replace any fixture and fittings. Leaving you out of pocket.
If you own a commercial property, you'll also need to factor in the kind of tenants you'll have as well. If your tenants operate a high risk business, your premiums would increase. You should state in the tenant agreement that they're responsible for this premium increase, but many property owners don't know to do this.
No one can afford to be left in this much financial uncertainty. Secure your property's future and your biggest asset before disaster strikes!