Like every entrepreneur, you’ve probably heard that the most important thing to set up when you move in is your building insurance cover. More often than not, your home insurance is said to be the most valuable element about your home. It’s easy to understand why. From fire damages to natural disaster repairs, a good building insurance can save business owners a lot of trouble and tons of money. It doesn’t protect the building only! Most covers ensure that your belongings can be replaced either monetary or by an item of the same purpose and value. In other words, it’s hard to imagine a situation in which someone would tell you that your home or building insurance is the worst thing you can choose. But here’s the hiccup. It can be. There are very specific cases where your building insurance cover can’t help you to recover the value of the renovation costs or broken items on site. In fact, we’d go as far as to say that sometimes your building insurance cover is utterly pointless.
Accidents occur as a result of poor maintenance
Paying a building cover is one thing, but it doesn’t guarantee the protection of your workplace or warehouse. Indeed, you still need to maintain your building to the highest standards. While it might sound logical, it does happen that essential maintenance appointments are missed when things get too hectic, from keeping track of your fire protection system to your intruder alarm unit. There’s no denying of the importance of fire alarm testing when it comes to your safety and the ones of your teams, for example. But in the case of fire damages, you may face an insurance cul-de-sac if your fire alarm didn’t start. Most insurance covers refuse to support the damage costs of accidents that were the result of negligence.
Accidents occur as a self-inflicted fault
Whether you’re a DIY enthusiast at home or work, there are serious DIY mistakes that can cost you your insurance cover. For instance, if you choose to add an extension to your workplace without a permit, you can’t expect your building insurance to step in and help you recover the cost of electrical or water damages. Additionally, if you perform the work with a permit but without legal qualification, you may end up facing the same insurance difficulties.
Accidents are not part of the cover
Finally, whether it’s your home or building insurance cover, you should spend a lot of time reading the small prints before accepting it. -policy/ Indeed, some insurance covers don’t include natural disasters as part of their standard offer. It’s something that you need to ask on top of your standard cover. Depending on your region and your surroundings, you might want to look for additional covers against natural fire, earthquakes, flooding and even tornados. Otherwise, you might find yourself without a building and without any monetary funds to cover the loss and the repair costs.
In the end, a building insurance doesn’t give you the guarantee of protection, especially if you haven’t been careful with your building safety. The bottom line is: Yes, you need a building cover, but you also need to be cautious about the type of protection your insurance provides.