Building and property

What is building and property insurance?

This insurance covers the physical framework of your business against the most critical damages such as fire, storm, water damage, burglary, and vandalism. It is the foundation that ensures you have a place to run your business from if an accident occurs.

The policy can also be extended to cover specific areas such as glass and sanitaryware damage, as well as underground pipe and cable damage. This ensures you do not face unforeseen bills running into millions if there is a hidden break in the property's installations.

Why building and property insurance is important

For businesses that own their own commercial properties or lease them to others, this insurance is crucial for protecting physical assets. However, one of the biggest financial pitfalls is underinsurance. If your property is valued incorrectly, the insurance company will only cover a fraction of the reconstruction cost in the event of a total loss, which can ruin the business's finances.

You must also be very clear about whether the policy is taken out at reinstatement value or indemnity value (actual cash value). If you are covered at indemnity value, you will only receive what the building is worth in its worn condition, which is rarely enough to build new. Particularly for older buildings, the importance of optional covers for dry rot and insect attacks is often overlooked, which can lead to massive, uncovered costs.

How Leaf helps

• Correct valuation: Through data analysis, we ensure that your physical assets are valued correctly from the start, so you avoid deductions for underinsurance in the event of a claim.

• Policy check across the market: We analyse whether your policy should be based on reinstatement value, and ensure that the right add-ons for e.g. pipe damage or dry rot are included if the condition of the property requires it.

• Impartial recommendation: Based on your specific data, we advise on which terms are actually necessary for your specific buildings, so you do not pay for redundant coverages.

• Your representative in the market: In the event of major losses, we handle the dialogue with the loss adjuster and the insurance company to ensure that you receive the correct compensation paid out as quickly as possible.

Let us analyse your building insurance and ensure that your assets are valued correctly, so you avoid deductions in the event of claims