What about risks from neighbouring tenants or businesses?

This is an often-overlooked factor, particularly for organisations in shared buildings or dense urban environments. Your neighbour's risk profile can affect yours — a lockdown, fire, or security incident next door can spill onto your premises and trigger business interruption.

We've seen cases where a smaller business experienced significant premium increases in a city skyscraper without understanding why. They later discovered a political figure occupied an office above them, elevating the risk profile for the entire building due to potential protest or terrorism concerns. In that case, relocating was cheaper than absorbing the premium.

It's worth raising neighbouring tenancy risks proactively with your auditor. In some cases, this can help set realistic expectations — or prompt the insurer to conduct their own assessment of adjacent businesses. Either way, it demonstrates you're thinking beyond your own four walls.