0345 040 7702
Your building(s) is likely to be the most expensive asset that your charity or business owns, therefore having the right buildings insurance cover is a necessity. To follow are some points to consider when organising this insurance to ensure that you get the cover that you need to protect your organisation against all eventualities.
Always consider how much it would cost to rebuild your property and insure your building for the full cost of replacing it at present day rebuilding cost. Make sure you include all boundary walls, gates and fences associated with the building and make appropriate allowances for the rebuild, such as demolition, removing debris, professional fees and so on.
Due to market fluctuations, this will not necessarily the price that was paid for your building or its current market value. It is wise to get your property valued every three years to ensure that your policy fulfils your needs.
You should consider arranging appropriate insurance cover so that your buildings and contents would be covered if you hire out your building or part of your building to others.
In addition to this, if you rely on the rent from this hire to help support your business or charity, then you also need to consider that loss of income should your property be unable to be used whilst undergoing repair or rebuild. So, rather than risk a shortfall in your funds, consider protecting your income by taking out cover for loss of revenue or loss of rent receivable.
In the unfortunate case that your premises need repair, or even rebuild, then it is likely that you will need to consider an alternative for this temporary period. This could include finding a short-term venue for your group or a larger premise to relocate staff for an interim period. Even if this is on a flexible basis, there are likely to be costs involved with this, and this cost can be covered under business interruption insurance.
It always seems a chore but reading the small print could save you money. Careful consideration about your insurance excess is also important. This is the amount you would have to pay towards the expenses if you make a claim and the amount may affect the overall premium.
Always ensure that you check exclusions and excesses on your policy so that you avoid nasty surprises if you need to claim. Our friendly team are always on hand to explain our terms and conditions to you and to ensure that you have not missed anything important.
At Unity, we can review your charity’s or business’s buildings cover and indicate where you might be exposed to potential losses. We’re here to help and ensure that you get the right Insurance Cover for your business or organisation. Speak to our Insurance Experts on 0345 040 7702.