SUREWiSE - South Australia’s Insurance Brokerages

Commercial Buildings

By Surewise 8/01/2019

Commercial Buildings

When was the last time you reviewed your commercial building sum insured?

It’s important to review your commercial building sum insured at least annually given rebuilding costs can increase substantially, potentially leaving you under-insured and out of pocket.

When reviewing and setting your commercial building sum insured, you also need to take into consideration a number of factors which may include:

  • Demolition
  • Removal of Debris
  • Allowances for cost inflation
  • Timelines for rebuilding
  • Heritage or National Trust Listings
  • Loss of Rent timelines
  • Among many others

When insuring a building, you need to consider the replacement cost today but also what it might cost to rebuild up until the expiry date of your insurance policy. That’s because an insurance policy generally provides insurance cover for up to 12 months based on your nominated sum insured. When rebuilding, you may also be subject to imposed building improvements to meet current building standards or building codes.

If you under-insure your commercial building, you could find yourself in an even bigger financial mess due to the insurance policy’s under-insurance clause.

At SUREWiSE, our qualified and experienced insurance experts have access to a third party rebuilding estimate calculator which takes into consideration a number of important factors when setting your sum insured. We can undertake a rebuilding estimate report for you as part of the value-add service we offer our clients in a matter of minutes. The report also assists with setting indemnity periods for your business interruption (or loss of rent) cover.

Don’t risk not be insured or being under-insured. The risks just aren’t worth taking.

Need an insurance quote?

For professional advice and to request an insurance quote, click on the ‘Get A Quote’ link below to provide us with your details and one of our qualified & experienced insurance brokers will contact you as soon as possible.

Alternatively, contact us today on 1800 273 256 to speak to an insurance expert.


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Information provided in this article is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Newmarket Grandwest Pty Ltd ACN 072 168 588 ABN 42 072 168 588 AFS License Number 296193 trading as SUREWiSE.


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