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    • British Intelligence Confirms Russian Attacks on Azovstal

      British Intelligence Confirms Russian Attacks on Azovstal

      6th May 2022
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      London Underground on Strike After Collective Bargaining Failure

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    • British Government Wants to Speed Up European Union Laws

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    • Cuddling Animals and Cleaning the House: British Energy Supplier Through the Dust After Tips to Keep Warm

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    • British Conservatives Rebel Over Prime Minister Johnson's Corona Plans

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      14th December 2021
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      Paris Wants EU to File Lawsuit Against London Over Fishing

      10th December 2021
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    • Elon Musk Sells Shares in SpaceX to Pay for Twitter Deal

      Elon Musk Sells Shares in SpaceX to Pay for Twitter Deal

      17th May 2022
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    • Elon Musk Threatened by Head of Russian Space Agency: If I Die Under Mysterious Circumstances...

      Elon Musk Threatened by Head of Russian Space Agency: If I Die ...

      9th May 2022
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    • Lloyd Austin: Ukraine Resistance Inspires Free World

      Lloyd Austin: Ukraine Resistance Inspires Free World

      26th April 2022
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    • American Woman Accidentally Wins Millions

      American Woman Accidentally Wins Millions

      12th April 2022
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    • Russian Ambassador: US Sanctions Hit Ordinary Russian

      Russian Ambassador: US Sanctions Hit Ordinary Russian

      7th April 2022
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    • Biden Meets Parents of Ex-Marine Locked Up in Russia

      Biden Meets Parents of Ex-Marine Locked Up in Russia

      31st March 2022
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    • Ukrainian President Addresses US Parliament

      Ukrainian President Addresses US Parliament

      16th March 2022
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    • US House Approves $13.6 Billion for Ukraine

      US House Approves $13.6 Billion for Ukraine

      10th March 2022
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    • President Maduro: Venezuela Continues to Talk with US

      President Maduro: Venezuela Continues to Talk with US

      8th March 2022
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    • Von der Leyen Calls Russia Greatest Threat to World Order

      Von der Leyen Calls Russia Greatest Threat to World Order

      12th May 2022
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    • NATO chief: Finland and Sweden can Join Quickly and Safely

      NATO chief: Finland and Sweden can Join Quickly and Safely

      28th April 2022
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      Von der Leyen: EU Stands in Solidarity with Poland and Bulgaria Against ...

      27th April 2022
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    • Macron and Le Pen Advance to Second Round of French Presidential Elections

      Macron and Le Pen Advance to Second Round of French Presidential Elections

      11th April 2022
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      Denmark Expels 15 Russian Spies

      5th April 2022
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    • Polish Border Guard Counts More Than 2 Million Refugees from Ukraine

      Polish Border Guard Counts More Than 2 Million Refugees from Ukraine

      18th March 2022
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    • No Evacuation Routes in Ukraine Due to Conflict in the East

      Ukraine Hopes to Open Nine Humanitarian Corridors

      15th March 2022
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    • Ukrainian Resistance Blows Up Tracks for Russian Soldier Train-Two Senior Officers Killed

      Russia Says Ukraine Prepared Attack on Donbas

      9th March 2022
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    • Denmark Expels 15 Russian Spies

      EU to Decide on Sanctions Against Russia on Tuesday Afternoon

      22nd February 2022
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    • International Court of Justice Orders Myanmar to Take Measures for Rohingya

      International Court of Justice Orders Myanmar to Take Measures for Rohingya

      23rd January 2020
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    • Lebanese Hezbollah Calls for Revenge on the US

      Lebanese Hezbollah Calls for Revenge on the US

      3rd January 2020
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    • Greta's father: I Adjusted My Lifestyle, Not for the Climate, but to Save My Daughter

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    • Pope Francis Speaks Urbi and Orbi and Calls for Guaranteeing Safety in the Middle East

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    • Five of Eleven Death Sentences after Journalist Khashoggi Murder

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    • Indian Rape Victim Who was Set On Fire has Now Died

      Indian Rape Victim Who was Set On Fire has Now Died

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    • Barnier

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    • Juncker Gives Johnson The Last Brexit Plan A Chance

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    • Cristiano News

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  • Technology
    • Netflix Lays Off 150 Employees After Disappointing Figures

      Netflix Lays Off 150 Employees After Disappointing Figures

      18th May 2022
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    • Chinese Hackers Target Russian Targets

      Chinese Hackers Target Russian Targets

      4th May 2022
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    • Russia Blocks Chess Website for Critical Articles

      Russia Blocks Chess Website for Critical Articles

      25th April 2022
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    • Huawei Gives Russian Staff a Month's Leave

      Huawei Gives Russian Staff a Month's Leave

      14th April 2022
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    • HP Sees Revenue and Profit Rise

      HP Sees Revenue and Profit Rise

      4th March 2022
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    • Netflix Lays Off 150 Employees After Disappointing Figures

      Netflix Star Pleads Guilty to Child Abuse

      11th February 2022
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    • Call of Duty will Remain for Sale for PlayStation Even After Acquisition

      Call of Duty will Remain for Sale for PlayStation Even After Acquisition

      26th January 2022
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    • EU to Propose Larger Own Chip Production in February

      EU to Propose Larger Own Chip Production in February

      21st January 2022
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    • Google and Facebook Receive Millions of Fines for Their Cookies in France

      Google and Facebook Receive Millions of Fines for Their Cookies in France

      6th January 2022
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    • Netflix Lays Off 150 Employees After Disappointing Figures

      Netflix Lays Off 150 Employees After Disappointing Figures

      18th May 2022
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    • Elon Musk Sells Shares in SpaceX to Pay for Twitter Deal

      Elon Musk Sells Shares in SpaceX to Pay for Twitter Deal

      17th May 2022
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    • Blockbuster Spider-Man Helps Sony Achieve Record Sales

      Blockbuster Spider-Man Helps Sony Achieve Record Sales

      10th May 2022
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    • Von der Leyen Calls Russia Greatest Threat to World Order

      Von der Leyen: EU Stands in Solidarity with Poland and Bulgaria Against ...

      27th April 2022
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    • Elon Musk in View of Bonus of No Less Than 23 Billion Dollars

      Elon Musk in View of Bonus of No Less Than 23 Billion ...

      21st April 2022
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    • Broad Appeal to IMF for Extra Support for Poorer Countries

      Broad Appeal to IMF for Extra Support for Poorer Countries

      13th April 2022
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    • Russian Car Sales Plummet Due to Western Sanctions and Boycott

      Russian Car Sales Plummet Due to Western Sanctions and Boycott

      6th April 2022
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    • HP Sees Revenue and Profit Rise

      HP Sees Revenue and Profit Rise

      4th March 2022
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    • EU to Propose Larger Own Chip Production in February

      EU to Propose Larger Own Chip Production in February

      21st January 2022
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  • Sports
    • Djokovic Cancels Cincinnati Tennis Tournament

      Djokovic Cancels Cincinnati Tennis Tournament

      10th August 2021
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    • Japan Extends Corona Emergency Around Tokyo

      Japan Extends Corona Emergency Around Tokyo

      30th July 2021
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    • Andy Murray: Olympics can Offer Hope

      Andy Murray: Olympics can Offer Hope

      21st July 2021
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    • Czech Volleyball Beach Player Tests Positive in Olympic Games

      Czech Volleyball Beach Player Tests Positive in Olympic Games

      19th July 2021
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    • Tokyo Olympic Athletes Village Officially Opens

      Tokyo Olympic Athletes Village Officially Opens

      13th July 2021
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    • Japan Extends Corona Emergency Around Tokyo

      Advice From Japanese Doctors: Do Not Allow Spectators During Games

      18th June 2021
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    • Nadal Back in Second Place in the World Ranking After Tournament Win

      Nadal Back in Second Place in the World Ranking After Tournament Win

      26th April 2021
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    • Basketball Players LA Lakers Second Defeat in NBA

      Basketball Players LA Lakers Second Defeat in NBA

      29th December 2020
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    • Basketball Players LA Lakers Second Defeat in NBA

      Los Angeles Lakers Win NBA Title

      12th October 2020
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  • Travel
    • Top 6 Campsites in Canada

      Top 6 Campsites in Canada

      18th December 2018
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    • Alberta-Canada

      10 Most Photogenic Places On Earth

      3rd May 2018
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    • HuaShanChina

      Hua Shan Trail In China

      1st May 2018
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      5 Most Popular Holiday Destinations

      29th April 2018
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      Khao Yai- Heaven on Earth

      22nd April 2018
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    • Job in Australia

      10 Steps to Get A Job in Australia

      22nd April 2018
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    • Summer Camps

      How to Enjoy a Great Time at Summer Camps?

      21st April 2018
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    • Perfect Lads Holidays

      4 Tips for Planning the Perfect Lads Holidays

      20th April 2018
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  • Ukrainian Resistance Blows Up Tracks for Russian Soldier Train-Two Senior Officers Killed

  • Netflix Lays Off 150 Employees After Disappointing Figures

  • Elon Musk Sells Shares in SpaceX to Pay for Twitter Deal

  • Commercial Flight from Capital Yemen for the First Time in Six Years

  • Von der Leyen Calls Russia Greatest Threat to World Order

Finance
Home›Finance›How Much Does Commercial Building Insurance Cost?

How Much Does Commercial Building Insurance Cost?

By James Anderson
3rd June 2021
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How Much Does Commercial Building Insurance Cost?

How Much Does Commercial Building Insurance Cost?

Commercial building insurance costs differ greatly because commercial buildings come in all shapes and sizes. According to insurance expert NimbleFins, commercial building insurance costs are largely dependent on the rebuild cost of the structure. Smaller commercial buildings with a £200,000 rebuild value, for example, could cost around £200 to insure with buildings and liability coverage. Larger buildings cost an appropriate amount more. But a building with a rebuild cost that is 5X higher will likely not see an uptick of 5X in their buildings insurance premium.

In addition to the rebuild cost, many factors are at play when calculating commercial building insurance premiums.

How is commercial building insurance calculated?         

Commercial building insurance is calculated using several factors, but the primary factor will be the rebuild cost in most cases. Also known as reinstatement value, this includes the costs to demolish and then rebuild a building. In addition to the building costs (e.g., materials and labour), professional costs will be included to reflect fees paid, for example, to architects, surveyors and local authorities.

Rebuild costs are usually lower than the market value of a property—in many cases, rebuild costs are significantly lower than market values. This is because the market value includes the value of the land. Rebuild costs don’t reflect the land value because land does not get destroyed in events covered by insurance like fire or burglary.

To get an estimate for the rebuild cost of a property, commercial building owners have several options. Usually, a chartered surveyor who is an RICS member will be called upon to estimate rebuild cost. They can have access to tools like the RICS Commercial Reinstatement Tool to help determine how much it would cost for a property to be reinstated should it be destroyed. This tool calculates reinstatement costs using a historical database that spans more than 50 years of construction project data in the UK.

Cheaper surveys that can be performed from afar may be possible for less valuable properties. However, more valuable properties typically would require an in-person survey that would be more expensive but more accurate. 

Having an accurate rebuild cost is important to avoid over or to underinsure a property. Overinsuring means the property owner pays a higher premium for their insurance than is necessary. Underinsuring means that any claims would not be paid out to the level expected.

In addition to the rebuild cost, other factors will contribute to the calculation of commercial building insurance premiums. These can include the location of the building. A building located in a higher crime area might cost more to insure due to the higher likelihood of damage from a burglary or vandalism.

The local area is also a very important consideration when it comes to getting flood insurance. Buildings located in areas thought or known to have a higher risk of flooding will come with a higher premium if they can be covered against floods at all.

The previous claims history of the policyholder is also a factor. Those with a history of claims, especially recent claims, are likely to pay higher insurance premiums than someone who has not made any claims or had any incidents for which they could have claimed.

Building security is another factor. When filling out a quote, the building owner will be asked about what types of locks, gates, cameras, alarms and such are present at the property, including an assessment of both door and window access. The more secure a property, the less likely it is to be burgled or vandalised. The risk of fire can even be lower, as burlers sometimes set buildings on fire.

The type of business occupying the building will also be taken into consideration by the insurance underwriter pricing a policy. This is because some businesses may be more at risk of a fire, flood or even a liability claim from a third party. For example, it is usually more expensive to insure a commercial property housing a restaurant than an office—restaurants house lots of dangerous equipment that could overheat or otherwise start a fire or flood. In addition, they see a regular flow of members of the public, any of which could slip and fall, which could result in a bodily injury lawsuit against the building owner.

Summary

In conclusion, commercial building insurance costs depend on many factors, and premiums will be very different from one property to the next. The only way to truly understand how much commercial building insurance will cost for a specific property is to get quotes in the marketplace. It’s generally advisable to get multiple quotes before buying to avoid overpaying.

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