Improving inaccurate building valuations

Building valuations must include materials, rebuilding costs and updating to current building codes. (Photo: Shutterstock)

Business owners are often so busy that they rarely have time to step back to re-evaluate their business insurance policies. While this determination and work ethic are admirable, it could leave a business vulnerable and unprepared should disaster strike.

In the wood niche, building material dealers, manufacturers and sawmills are often so focused on running the business that they don’t ensure that the company and its growth are insured. New inventory, machinery and equipment; building expansions; additional warehouse facilities and more all need to be properly insured so if a catastrophe arises, the business can rebuild.