Business Contents Insurance
Covering your Contents
Every business wants to protect itself from financial losses due to damage to of loss of its contents. Unfortunately, unexpected events can damage a business beyond repair if they’re not covered. Business contents insurance covers businesses for loss of things like computers and furniture in the event of damage or theft. Here’s a breakdown of some of the most frequently asked questions we get asked when it comes to business contents insurance.
What Does Business Contents Insurance Cover?
Business contents insurance is usually included as standard in policies such as office content insurance. However, it can be added on if not included in your initial policy.
Unexpected events include:
- Theft – including those occurred during normal business hours even if there is no evidence of violent entry onto your premises.
- Water damage (such as floods and leaks)
- Fire damage
It includes business equipment insurance and all of the following:
- Office computer insurance
- Office asset insurance including any stock on the premises
- Electronic equipment
- Personal belongings
- Data losses (electronic records)
- Business money
This also includes times when your contents may be damaged when it’s been moved from the office temporarily.
There are always opportunities to add other aspects to the business contents insurance, especially if you go to a broker who can put together a package of policies for you as a general ‘office insurance’ cover. It may also be advisable to think about pairing business contents insurance with some of the following:
- Business interruption insurance – covers for losses in income while your property is replaced and your premises repaired
- Buildings insurance (unless your premises is rented) – protects the fabrics of the building
- Portable equipment insurance
- Employers’ liability insurance (required by law if you employ any staff) – covers for claims from employees who have been injured at work due to business negligence
- Public liability insurance – covers for claims from visitors who have been injured at your workplace due to business negligence
Does Business Contents Insurance Cover for Accidental Damage?
Yes – Accidental damage cover also comes as standard.This means that even if your property was not damaged maliciously, you’re covered to replace what has been damaged or lost.
What If I Run My Business from Home?
Not everyone runs their business from separate office premises. There are many companies that run their business from home, but as long as you are running a registered business, you’ll still be covered at your home address. This gives you the peace of mind your business will be protected should anything happen to your home.
Would My Home Contents Insurance Cover Me for Home-based Business Use?
Home contents insurance protects much of your belongings from damage, theft and losses. This mean if you only use your normal home items such as a PC for your business, you’ll be covered. However, many policies have a limit on how much home office equipment is covered. They may also exclude high value items and equipment that you may have for business use such as audio visual equipment. If this is the case, you should consider investing in business contents insurance, which could cover you for a higher value.
You also need to consider the other types of insurance policy you may need. For example, if visitors are coming to your business in your home, you may wish to invest in public liability insurance, which will protect you against claims if they were to have an accident. If you have any employees working for you, you need to have employers’ liability insurance by law. This is similar to public liability insurance but protects against claims by any employees who have been injured or had an accident due to business negligence. You can also think about business interruption insurance as while content insurance will cover you to be able to replace what’s been damaged or stolen, it won’t cover you for any loss of revenue while you’re waiting to trade at full capacity again. Business interruption insurance can cover you for losses in income until you can fully operate again. Speak to a specialist business insurance broker, who can put together the right package of policies for your business even if you’re running it your business from home.
Contents Insurance for Business Tenants in Rented Space
If you’re renting the premises that you run your business from, you will still need to purchase business contents insurance. The only type of insurance the owner of the premises usually covers is building insurance. This covers the framework and fabrics of the building including walls, doors and ceilings. It does not however cover the actual contents you own on the premises such as furniture, cash, stock and equipment. These need to be covered separately.
Should I Get Separate Insurance Cover for Portable Equipment?
You may need to get separate cover for your portable equipment which includes laptops, mobile phones, tools and cameras to name a few. However, if may be that these can be added into your contents insurance policy, especially if they are only ever temporarily away from your premises. Speak to a specialist business insurance brokers who can put together the right package of policies for you to cover your business under a tailored business insurance policy that’s right for you. If you need portable equipment insured, this is something they can advise you on and add in the necessary cover you want.
Contact Invicta Business Today
When unexpected events occur, the effects on a business can be devastating. People underestimate just how much they rely on the contents of their business to keep it trading including all the equipment, furniture and personal belongings you may have with you on the premises. Invicta Business is an expert broker who can advise you on what our insurance providers have to offer. This means they can also put together the right package of policies for you which would also include business contents insurance. Stay protected today by calling 0330 0450032.