You may have several reasons to say you do not need business building insurance. You probably believe that the insurance you currently hold is sufficient to cover all risks that the building may ever face. You may also feel that the business alone is not worth spending more money on as it is not giving you the desired returns. Whichever way you feel one must say you are wrong on both counts. Let us explain why you are and will be considered wrong at all times on this matter.
The insurance you were asked to buy covered the structure and perhaps some other parts of the building. It did not give you any guarantees that the business you conduct from the building will also be covered under the same policy. It is also possible that you never mentioned the word business to your insurer when you took over the building. Therefore you had not been asked to purchase such insurance. You were only provided with a building insurance policy, which covered the most common aspects of buildings.
Now if you are thinking about starting a business or have already done so, you will need to get yourself this type of insurance policy. If you are lucky, your existing insurer may be able to accommodate your requirements and upgrade your existing policy to cover your business as well. However if they are not able to do so, you will have a search on your hands, which can be a prolonged matter.
You will have to contact your broker and ask them for a quote for business insurance. You can be sure they will be able to find an insurer for you who will be able to get you the insurance. They will pose some questions to you about the business and all information related to the same. They will want to know details about your current insurers for the building. They will offer you a quote for the business only after taking into consideration all risks that the business is exposed to in the course of day to day operations.
Business building insurance is just a small addition to the premiums you are already paying on the building insurance. If you try to avoid this particular subject and an incident takes place in the building, you could stand to loose everything you ever invested in the business. Any damages to the structure of the building would be compensated by the insurers of your building. You would however be left high and dry as far as the business was concerned.