Business contents insurance policies are in many ways similar to the contents insurance policies that protect our homes. In return for an insurance premium, the insurance company puts in place a policy that protects the business against losses to its contents.
A business, as it grows, may have significant levels of physical contents. These will obviously vary from business to business. If you’re a repair workshop, your machines may be expensive to replace. In an office environment, computer equipment may form the bulk of the contents. If you’re a manufacturer or distributor, you could have large quantities of stock.
Whatever your business, arranging good contents insurance cover is essential.
Contents insurance will cover your business in the event that losses occur from a number of events such as:
- Fire damage
- Flood damage
- Damage caused by a lightning strike
- Storm damage
- Riots and civil disorder, and malicious damage
- Theft from your premises
A typical business contents policy will cover losses to:
- Fixtures and fittings
- Stocks of raw materials and finished goods
For some businesses, it might also be important to cover other items such as:
- Goods in transit, for example where ownership has been taken on raw materials or of finished goods being moved to shops or warehouses
- Cash kept on premises before being banked
Different insurers have different interpretations of what is “standard”, so it is always a good idea to discuss the specifics of your policy with the insurer or insurance broker arranging the cover. It is important that the insurance provider fully understands the levels and breadth of cover you require so that there are no grey areas or items left uninsured.
For businesses there will also be other risks to consider taking out insurance for. Not least of these are insuring your buildings and any motor vehicles. In addition, you’ll also need to consider liability insurance to protect your staff and customers.
So why not review your options for business contents insurance with comparethemarket.com for peace of mind while you concentrate on making your business a success.