About Our Business Insurance
Contents
Business contents insurance is a type of insurance for your business that covers the equipment and contents of your business premises. It can also be referred to as commercial contents insurance or business asset insurance.
Typically, this type of insurance includes loss and damage to furniture, equipment, and tools due to a fire, flood, or even theft. While it’s not a legal requirement to attain this cover, it is recommended.
Why do I need business contents insurance?
You may never think that your business premises will be the victim of a fire, flood, theft or vandalism, but unfortunately, these things do happen, and if they do, could you afford to replace the contents? Also, consider the cost to your business if essential equipment was damaged, and you couldn’t afford to replace them quickly. Business insurance offers the peace of mind that everything within your building is insured and covered for the worst.
What does business contents insurance include?
- Fixtures & Fittings – Things like flooring, lighting and kitchen contents
- Furniture – Desks, chairs and other furniture
- Technology – Computers, printers, laptops and other essential technology items
- Equipment and Tools
- Staff Possessions
Stock
If your business involves storing stock on your premises, it is incredibly vulnerable to theft and damage from a whole host of dangers. Regardless of the amount of stock you hold and its value, any loss would impact your ability to trade, so it’s imperative that you protect it with a specialist policy.
What is stock insurance?
Stock insurance essentially protects you financially from the damage or theft of your business’s stock by giving you the money to replace it should any incident ever arise. The premium cost depends on a few factors, such as the amount and value of the stock and how it is stored and where. The pay-out sum would be based on the cost of the stock to you, not the RRP.
What does stock insurance cover?
Stock insurance covers the cost of the stock to you. If your stock is damaged or stolen, you will receive the funds to replace the stock from your insurance company. Now, it’s very important to check the fine print on the terms and conditions, which will specify a few things such as how the stock should be stored, the amount of stock you can hold and any exclusions.
Liabilities
Business liability insurance is an essential type of business insurance that protects you from any claims made against your company by anyone like regulators, the general public, customers, clients and employees. It covers things like compensation pay-outs, court costs and legal advice.
What does business liability insurance cover?
A business liability insurance policy protects your business from claims for compensation and related legal costs in case a third party suffers an injury or damages their property while on your premises or while you are working there.
In general, business liability insurance covers things like:
- compensation pay-outs to third party injury or death
- cost of repair or replacement for damaged property or possessions
- Any medical fees, in the event that the NHS opt to claim for any treatment or an ambulance call-out
- Any legal expenses while you’re defending any of these compensation claims
Business Interruption
Business interruption insurance covers you for any loss of income throughout any period when your business cannot trade as usual due to any unexpected event.
Business interruption insurance bids to restore your business back in the same position it found itself in before the adverse event occurred.
Usually, policies will cover business interruption for:
- Any damage caused to your business property or contents by fire, flooding, damage or vandalism
- The breakdown of essential equipment
Usually, policies will exclude from the cover:
- Your or your employees becoming locked out of your building
- Any damage that happens in a customer or clients property
There are specialist policies available separately or as an add on to insure your computers against viruses, hackers and other cyber-related attacks.
If you claim your business interruption insurance, it will compensate you for:
- Any (pre-tax) missed profits
- The difference for any increased running costs as a result of the adverse event that led to the interruption
