What is business contents insurance?
Business contents insurance is a type of business insurance that can protect the possessions and equipment in your work premises. A typical business contents insurance policy will cover damage or loss to furniture, tools and equipment as a result of a fire, flood or theft. This type of cover is not mandatory under UK law.
Frequently asked questions
When might I need business contents insurance?
There are all sorts of situations that might result in a claim. These include:
- Lightning or storm damage
- Malicious damage
What if I work from home? Will my home contents insurance cover me?
Chances are you already have home contents insurance, but you’ll probably need to amend your policy so that it covers any work-related tools and equipment if you work from home.
You’ll also need to tell your insurance provider you’re running a business from home – not doing so could invalidate your policy. Call your insurance provider to see whether they can extend your home policy, or if you'll need a separate one.
Do I need a specialised policy?
Maybe. Some policies are specialised to cover different industries, such as shops or surgeries. You may also need landlord insurance if you rent out a property.
What should I look out for when choosing a business contents insurance policy?
- Some business contents insurance policies will be combined in a business insurance package with other types of cover including public liability or employers' liability insurance which is a legal requirement if you employ someone and will cover you if one of your employees suffers an injury or illness at work.
- Don’t forget to check the maximum your insurance will pay out.
- Beware of underestimating how much cover you’ll need. If you find yourself having to replace all your stock, it could add up to more than you think.
- Check that you’re covered for the cost of replacing an item, rather than the initial purchase price, which might be a lot lower.
- There might be certain times when you’re holding a lot more stock than usual – at Christmas, say, or just before a big delivery. Don’t forget to make sure you’re fully covered for those periods.
How can I compare insurance quotes?
Just start a quote with us and we’ll help you find the most competitive prices for the different types of insurance you might need for your business.