Renovating Your Commercial Building

1. Navigating The Risks
2. Surveys
3. Finalising Budgets And Time Frames
4. Hiring A Project Manager
5. Finding Reliable Contractors
6. Buildings Insurance

Navigating The Risks

When renovating your commercial buildings, buildings insurance is a crucial element of risk management that should not be overlooked. It’s important to plan and monitor the level of risk involved in the renovation process and take steps to mitigate any potential risks during your assessment.

Risk management is a comprehensive solution comprising of multiple components, and these factors will influence the final outcome of the project. Everything that is done during a renovation project, from conducting surveys, finalising budgets and time frames, hiring a project manager and working with contractors, present opportunities for you to manage risks.

There is no doubt that any renovation project is a substantial investment, but the potential returns are no less significant. When undertaken successfully, renovating your commercial building can be massively beneficial to your business in the long-term, whether it is generating increased revenue, improving your relationships with clients or maximising the capacity of your business. There will always be an element of risk involved with everything you do as a business, but there are steps you can take to navigate and control these risks.

Surveys

Renovating your commercial building is a decision that will have a considerable impact on your business, and it is essential that you carefully plan and prepare for the internal and external variables that will affect your project. First and foremost, you should always conduct a survey so that you can assess what needs to be done. This survey will comprise the foundation of your renovation project, and will determine everything from the budget and time frame to the contractors you will be hiring.

During renovations, it can be surprisingly easy to lose sight of what you actually want to achieve. This can have serious implications for the remainder of the project, especially if the work that you originally wanted cannot be completed because you have exceeded your budget or missed a deadline. By conducting a survey beforehand and referring to it throughout the project, you can prioritise what actually needs to be done.

For example, if your initial objective was to improve the infrastructure of your commercial building, then you should ensure that this is prioritised before anything else. A survey is an invaluable project management tool, which will clearly establish what the purpose of the renovation is and enable you to arrange the finances, contractors and materials accordingly. By referring to the results of the survey, you can compare it with the progress of the project and make adjustments where necessary.

Finalising Budgets And Time Frames

Based on the findings of your survey, you can then create a plan, which covers every stage of the project from commencement to completion. Finalising budgets and time frames is particularly important, as these can be considerable sources of contention and concern if they are not followed through. Priorities should be clearly defined and presented distinctly within the terms and conditions of a project plan.

The consequences of a poorly written plan are potentially devastating, leading to unexpected delays and an increased likelihood of claims and disputes with contractors. Each of these factors will also heighten risks when it comes to remaining within the allocated budget for staff and resources as well as meeting expected deadlines and maintaining quality.

When you are deciding on the budget and time frame, it is recommended that your plans are flexible enough to accommodate some changes to your original plan. This is because unexpected expenses and unwanted delays are often inevitable. A truly watertight plan will bear additional burden without the project falling through.

Hiring A Project Manager

When it comes to renovating your commercial building, there are so many variables to account for. Whether it is the survey, budgeting constraints, deadlines, contractors or materials, neglecting even one detail can have massive implications for your project. There are countless factors that can’t be directly controlled as well. For example a problem might be revealed during the renovations that has to be resolved immediately, or there might be unexpected delays when it comes to contractors or the supply chain. The role of a project manager, therefore, is to oversee and manage any projects and ensure that they do not exceed the specified budget or time frame.

By hiring a dedicated project manager, you can be assured that they will monitor and control internal processes such as finances and workflow, whilst also communicating with any external parties such as suppliers, contractors and clients. Renovation projects are incredibly complex, and a professional property manager will ensure that everything is running smoothly. They will be responsible for accounting, budget planning, administration, resolving disputes and claims, undertaking risk management as well as supply chain management.

Ultimately, a project manager’s primary responsibilities are to ensure that your renovation project doesn’t exceed the budget, that it is completed on time and that it is of sufficient quality. When these objectives are fulfilled, they will support the long-term growth of your business, generate greater returns and improve your relationships with your clients.

Finding Reliable Contractors

Before enlisting in the services of contractors, it is helpful to ask for recommendations from colleagues, friends and family who may have recently done renovations. The Internet is an excellent resource as well, and you can use it to read reviews and research companies so that you can determine who is experienced and qualified enough to take on your renovation project. A reputable and reliable company will have professional teams that are capable of undertaking complex renovation projects, and deliver results on time at a good standard.

It is always worth making enquiries with several companies so that you can compare quotes and services. Contractors should be able to take on most of the responsibility of the renovations, whether it is taking measurements, sourcing materials or working with other contractors. Moreover, they should communicate with you throughout the project, so that they can prioritise your expectations and requirements and realise your visions for your business.

Buildings Insurance

Leasing, maintaining and renovating your commercial buildings will be one of your business’ most significant ongoing expenses. It is essential, therefore, that you protect your investment with a comprehensive and thorough buildings insurance cover. By investing in renovation projects, you can maintain and strengthen the integrity and structure of your business premises. However, there are certain accidents and incidents that can compromise the condition of your commercial buildings, and these are beyond your control.

In the event that your commercial buildings were to sustain significant damage, the associated expenses would financially cripple your business if you were not covered by a policy. With buildings insurance, you can be assured that your business is protected should the worst happen. It will cover any repairs to the integrity and structure of the property, and if necessary a rebuild as well. For the peace of mind it offers, it is an invaluable asset for your business that is more than worthwhile. Our team of experienced underwriters at Brisco Business ensures that your business insurance policy provides adequate coverage for your specific needs.

Darragh Timlin

With over 25 years’ experience, Darragh is an expert in all things insurance. Starting his career in commercial property underwriting, Darragh has worked for a number of global insurers and is now Managing Director of Brisco Business, part of the wider Henry Seymour Group.

All articles by Darragh Timlin