Taking Out Building Insurance for a Commercial Property

Building Insurance for Commercial Property

Building insurance is designed to cover your property and everything attached to it. The policy covers everything used for “business purposes.” This can also include the shed located behind your property. This way, you don’t have to insure every building—no matter how small—individually.

Please keep in mind that your personal belongings inside the building are not insured. For example, do you have computers or other items on the premises? If so, these are not covered by the building insurance, but rather by contents insurance.

Damage Caused by Natural Disasters

With home insurance, you're also covered for damage caused by natural events, such as storms, water damage from heavy rainfall, and damage caused by lightning strikes.

Burglary

Damage caused by a break-in is also covered, provided you have taken all reasonable precautions to prevent a break-in. Damage to your locks and window frames is covered under your home insurance policy. However, you may need to purchase additional coverage for glass damage.

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. Alternatively, the property’s market value may also be used as a basis.

It is advisable to have an expert determine the value of your property. This will help you avoid being underinsured. If your property needs to be completely rebuilt and you are underinsured, you will unfortunately have to pay the uncovered amount yourself. For a commercial property, this can easily amount to tens or even hundreds of thousands of euros. This depends on the value of your property and the extent to which you are underinsured.

Coverage Amount Have the value of your property reassessed regularly. The value of your property may increase or decrease over time. If your property increases in value, you’ll be underinsured. If your property decreases in value, you’ll be paying too much in premiums. Both situations are undesirable. Therefore, have your property reappraised every few years.

Need to insure your business property? Get your building insurance from Alpina: simple and affordable

Are you considering purchasing building insurance for your business premises? Then take out a building insurance policy with Alpina today. With building insurance from Alpina, you’ll always have the most comprehensive coverage possible at the best premium. Do you have any questions about our building insurance policies? Feel free to contact our customer service team at any time, with no obligation. They’ll be more than happy to answer all your questions.