Making sure your building is adequately insured

by Aviva Community Fund | Nov 12, 2019 | Risk protection for community causes

Making sure your building is adequately insured

Have you ever checked your charity’s building has the right level of insurance? If not, it’s time to speak to your insurance broker or a valuation expert to get professional advice on the amount of cover you need.

Our specialist valuer, Barrett Corp & Harrington, says that on average 77% of the commercial properties they survey are underinsured by 45% of the correct insurance. If the amount you’re insured for is wrong, it’s likely to impact the amount you’re paid for any claim you need to make.

Here’s a checklist to reduce the risk of that happening to your charity.

Top tips

  • Make sure that within the last three years your building has been professionally valued ‘for insurance purposes’.
  • If you’ve altered or extended the building, get the valuation done again.
  • Make sure your cover is based on the cost to rebuild the property, not the market value.
  • Check you’ve factored in the cost of any gates, fences or car parking areas into your calculations.
  • Consider increasing the amount of insurance you have if your charity uses a listed building – because repairs and rebuilding work are likely to be more expensive and take longer.
  • Don’t forget to factor in the cost of professional fees. For example, you might need an architect or surveyor in the event of a claim.
  • If your building would need a crane or heavy machinery to carry out work, make sure you factor in the cost of things like site clearance and special access.
  • The valuation will also need to consider VAT if your charity is VAT registered.

Free risk management guidance

Here’s how to access a wide range of services through Aviva Risk Management Solutions, completely free of charge:

Risk Helpline 

Get in touch for advice by calling 0345 366 6666 or emailing   

Online resources

Access our online industry-specific risk management guidelines, and discover all our tips, tools and templates related to risk management.

Specialist Partner Network

We can offer Aviva customers risk management products and services at discounted prices through our trusted partners. With areas of expertise ranging from escape of water to health and safety, all our partners are well established with a pedigree in risk management.

And, of course, you can find more information on how to reduce the risks to your charity in our Knowledge Library. 

*Source: Barrett, Corp & Harrington