Commercial Buildings Insurance – Cost Versus Cover?

Written by Sam Jones on 23 September 2012.

In the middle of a credit crunch, the majority of UK businesses are rightly looking to cut costs. Negotiations regularly take place with telephony suppliers, printers, IT support, accountants, product providers, the list can go on. It is no wonder that within this list, the insurance supplier, particularly with commercial buildings insurance is asked to re-look at the initial cost agreed and provide further competitive quotations.

A series of direct debit payments come out of all business accounts each month and savvy business owners are right to look at each payment and consider how best to reduce ongoing expenses.

The skill in cutting back on commercial buildings cover is to ensure that the cost is curtailed but not the level of cover and many business owners can easily fall foul when looking at price alone. The cost of a few hundreds pounds on premium could result in enormous expense in the event a future claim is not covered and professional guidance from a commercial insurance broker is often worthwhile.

Business insurance is rapidly becoming a specialist domain and the risk of claim from someone entering the premises and slipping on a floor to the building or experiencing an office fire, whilst not an everyday occurrence, is the reality for some business owners every day, of every week of every year.

An insurance specialist can assess the companies needs and undertake a risk assessment prior to any cover going on risk. By working with a broker, situations which could result in a potential claim, such as safe access to the building, the existence of loose wires, can be remedied before cover is taken out. This will not only avoid a claim, but importantly is likely to also reduce the premiums.

More often than not, brokers can highlight the potential pitfalls often left unconsidered and by dealing with the major insurance companies, the aim of reducing premium whilst protecting cover can be maintained.

The right type of commercial buildings insurance cover may mean the difference between the business surviving a crisis or given the already difficult trading environment, the business going under.

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