DOES YOUR BUSINESS HAVE ADEQUATE INSURANCE?

90% of small business owners think they do. However if you purchased insurance over 3 years ago, this might not be the case.

The BPI (Building Price Index) from 2012-2017 increased a whopping 22.18% far outstripping the increase in CPI (Consumer Price Index) of 12.50% over the same period.

The cost of Building Products over the past 3 years has increased significantly across the board.  If you have not amended your insurance since 2016 to be consistent with today’s costs of rebuilding, you could be at risk of under-insurance.

Use the building cost calculator below to estimate the likely cost of rebuilding a building within your category. 

USING A BROKER WHO UNDERSTANDS YOUR BUSINESS

Commercial property insurance is a type of small business insurance and is not specific to any particular industry. Keep in mind that not every insurance company will have intimate knowledge of your business or the risk exposures that need protection. When shopping for a commercial property insurance policy, use a broker who understands your business and industry type.

BUILDING COST CALCULATOR

Building Costs Calculator Powered by LMI Group and Andrew Nock Valuers

Note:The area is based on Gross Floor Area: This building cost calculator is based on single building rates provided by Andrew Nock Valuers for the gross floor area of a building. The gross floor area is the total of the fully enclosed covered floor areas of a building over all floor levels measured. Measurements should be based on the external measurements of the building that is including the thickness of all walls. In this building cost-calculator unenclosed covered areas are not included in the gross floor area.

Building cost rates per square metre – a disclaimer: Estimated building costs only provide an indicative value of the likely cost of rebuilding a building within that category. While a single rate does provide a reasonable guide in many instances it should not be relied on to set a declared value or sum insured for a building. It should be regarded as a reasonable test only. There are a vast many factors which can influence the true replacement value of building.

Please note that the building cost rates do not include allowance for the following:

  • Access
  • Demolition
  • External services outside 3 metres,
  • External structures, i.e. balconies, verandahs, covered ways, carports, garages
  • Furniture and furnishings
  • Goods and Services Tax (GST)
  • Heritage issues
  • Hoardings
  • Lead time for demolition, design, approvals, tender and rebuilding
  • Legal and professional fees
  • Loose or special equipment
  • Plant and equipment not an integral part of the building
  • Regional locations
  • Site conditions
  • Special design features
  • Special fixtures, fittings, finishes
  • Zoning restrictions

Demolition Costs View a table of estimated demolition costs.