What Risks May a Business Building Insurance Policy Cover?
Just as every business is unique, so are the risks that they face, and in the case of property damage, these risks can be almost impossible to predict. For example:
- A supermarket’s sign is detached in a bad storm, damaging the building as it falls. Business Building insurance may cover the costs of repairing damage to the building.
- A thief smashes several windows to break into a hotel. With a Business Building Insurance policy, costs associated with repairing the windows and any other damage to the building may be covered.
- A fire starts in an accountant’s office, seriously damaging the building outside and in. As a result, an architect has to be called in to discuss how the building can be repaired. Business Building Insurance may cover the architect’s fees as well as the cost of repairs to the building.
- A burst water pipe causes a retail store to flood, damaging the building and its fixtures and fittings. Business Building Insurance may cover the costs of the repair.
As a small business owner, the continuing success of your business rests upon your ability to manage, mitigate and transfer risks. It is possible to reduce the risk that you are exposed to by evaluating and taking steps to minimise them, however risk cannot be totally eliminated.
It is therefore imperative to back up your prevention strategies with a comprehensive insurance policy that can fully protect your business.