Is Your Commercial Building Insured Properly? How a Quantity Surveyor Can Help

When you think of quantity surveyors, you may think of the role these professionals play in the construction industry or when you are putting up a new building. However, you may also want to consult with a quantity surveyor when you are ensuring your business property. Here's what you need to consider.

1. It Helps to Have Your Own Estimates

Generally, when an insurance company evaluates the value of your buildings or other assets, the company uses its own assessors. If the assessors work for the insurance company, they may be more likely to give you a quote that reflects their best interest. However, if you hire your own quantity surveyor, you can look forward to getting a quote that works for everyone.

2. Coverage for Buildings Varies

When it comes to insurance for a building, there are multiple different types of coverage. Typically, there are three different categories: replacement cost, reinstatement cost and reconstruction cost.

You should talk to your insurer about how these words are used in your contract, but in most cases, replacement costs are based on the value of similar buildings in similar markets. Reinstatement costs are based on what it would cost to rebuild the structure, and they may include demolition and removal costs.

Finally, reconstruction costs deal with the cost of rebuilding the building if disaster strikes, but they should also include a buffer to cover the loss of income while you rebuild. For instance, if you own a rental property or a retail business and something happens to your building, you will be losing out on a lot of revenue when the building is closed.

The lack of cash flow can make it hard to keep your business running, but if you have that type of coverage built into your insurance, you will be able to get through a flood, fire or other destructive issue more easily.

3. Quantity Surveyors Can Ensure You Have Enough Coverage

When you have a quantity surveyor look at your building, they can create a detailed list of all the materials that would be required to build your structure from the ground up. Then, they can estimate how much the labour would cost. Based on those numbers, they can help you estimate how much insurance coverage you need.

To ensure you have adequate protection, contact a quantity surveyor today and ask them to help with your policy and valuation needs.

About Me

Tim's Tax Advice Blog

Hello, my name is Tim and this is my tax advice blog. When I became a freelance writer, I didn't have a clue about tax. I kind of knew I should be paying it but I didn't take the time to actually work out the formalities. Things were OK for a while and my career got off to a decent start. However, I had a real problem at the end of the year when I had to work out my tax bill. I got in touch with a tax service and they really helped me with the calculations and the paperwork. I learnt a lot of cool stuff and I now understand the tax system.