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Business Contents Insurance
Whether you own the premises from which your business operates or you are leasing or renting the property, the contents required for the day to day running of your activities are likely to be valuable.
Items such as:
products and supplies;
work in progress; and
personal possessions you might keep on the premises
are all vulnerable to a wide range of risks resulting in their theft, loss or damage.
Business contents insurance is designed to help guard against such risks by providing you the financial wherewithal to repair or replace contents damaged as the result of such events.
Bespoke contents insurance for businesses is available from us at UKinsuranceNET, where we can tailor make the policy to meet your own unique business contents cover, giving you peace of mind at a cost-effective price.
How business contents insurance works
The contents of any business premises are likely to vary considerably from one type of enterprise to another – if you own a hairdressing salon, for example, your contents are going to be quite different to those you need to run a restaurant, a business office requires quite different equipment, machinery and supplies to a workshop.
Whatever the nature of the contents, however, contents insurance is based on the same principle of providing financial compensation for any theft, loss or damage.
When arranging cover for those contents, therefore, it is important that you conduct a careful and detailed valuation of all items to be covered – so that you avoid the common risk of under-insurance, which leaves you inadequately recompensed in the event of a claim, or of over-insurance, which results in your paying more than is necessary for the cover you require.
The basis for settling claims
When you arrange contents insurance, you are also likely to find that there is a choice between two different bases on which claims may be settled:
“New for old”
policies based on this principle offer you a settlement that allows the replacement of any items that are lost or damaged with completely new ones;
“Wear and tear”
with this alternative – also known as indemnity insurance – a financial settlement is still offered in the event of loss or damage, but its value is reduced by the estimated wear and tear, or depreciation, of the items in question.
As may be clear, therefore, new for old replacement policies typically attract higher premiums than wear and tear or indemnity policies.
Any incident involving the loss or damage to stock, machinery, equipment or other contents of your premises is likely to result in at least some interruption to your normal course of business.
Some forms of business contents insurance, therefore, may make provision for this by offering a degree of financial compensation for the business interruption you suffer on the basis of income the income you have lost.
The maximum amount you may claim is set out in the policy document of the insurance you arrange.