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:
- Gates and fences.
- Air ducts.
- Cables and wires.
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:
- Business stock.
- Other items needed in the running of your business.
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:
- Damage caused by storm, floods, accidental fire or other natural disasters.
- Damage caused by acts that were sudden, unexpected and not deliberate. For example, accidental damage to office equipment due to water or other liquids.
- Damage that may occur due to incidents beyond your control. For example, harm to your property as a result of riots or malicious third party activity.
The following damage types are generally excluded:
- Damage caused by wear and tear: Any equipment or business material undergoes wear and tear after continuous usage. Damage caused due to this is a natural process – and often is an indication that the product needs a replacement.
- Damage caused by manufacturing defects: If your business equipment had a fault at the time of production resulting in damage, it is not considered an accident. The manufacturer may have to provide a replacement in such an event.
- Damage caused due to overuse or negligence: Your business’s equipment and fittings need to be checked and maintained to ensure they’re in good condition – if they’re not, damage that occurs as a result is unlikely to be covered.
- Damage due to bad workmanship: If your equipment undergoes damage as a result of installation done poorly or incorrectly, it not considered an accident and is unlikely to be covered by your insurance policy.
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