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During the course of running your business, vital assets such as your contents, equipment or even your building may suffer from damage.
There are many insurance policies that can compensate for the expenses you’ll face to fix or replace your assets following such events, although there are a number of factors to be aware of when it comes to claiming on this form of cover.
One of the key things to note is that buildings and contents need insuring separately to cover the different risks they’re exposed to.
Buildings insurance provides cover against damage to your property’s structure and its permanent fittings. This can include:
If you use your own building for business purposes, it’s sensible to insure against damage. However, if you rent your premises then there’s every possibility that your landlord will have purchased this cover, so check with them before taking out a policy.
Contents insurance can provide cover against damage to your business contents and stock – the items you need for your day-to-day operations. This includes:
This form of insurance is highly recommended as stock and equipment form a crucial part of any business. It’s important to note you may need to purchase an extension to ensure your stock or equipment is covered by contents insurance.
Insurance providers also separate damage into different categories in order to distinguish between what these policies can cover and what they can’t.
With buildings and contents insurance, the following types of damage are generally included:
The following damage types are generally excluded: