It's likely that you’ll need business contents insurance if:
• You work from home and you store stock, merchandise, materials or computer equipment
• Your business operates from premises other than your home
• You own, hire, lease or rent expensive equipment, machinery or tools
• Everything contained within the walls of the building your business operates from needs to be protected from fire, theft or any other risk
• You need cover for goods in transit – is your stock covered once it’s removed from the building or during the shipping process?
• You want protection for your company signage, lighting, visual graphics and exterior branding
If stock, office contents, machinery and equipment were to be destroyed by fire, flood, earthquake, impact by debris, aircraft or trees, would you be able to replace them easily? Generally, comprehensive business insurance policies cover both the building and its contents but if you rent your commercial property you’re unlikely to need a combined policy as the buildings cover should be provided under the terms of the lease agreement by the landlord or managing agent.
Replacement as new cover (new-for-old) is likely to be more expensive but it does mean your old business equipment can be replaced with new versions in the event of a claim.
Office Insurance
If you need cover for the office, be it an estate agency, doctors surgery, general store or even a home office, a standard business contents policy will generally also offer cover for public and employers' liability, business interruption and even business support, including legal or health & safety advice. Cover for computer or electronic equipment may not cover everything you need to keep your office running so always check the amount you are covered for, along with the excess you need to pay should you need to claim.
Tips to reduce your premium
• Install approved locks, alarms and CCTV for added protection and lower risk assessment.
• Considering increasing your excess.
• Read the small print and look for flexible protection that lets you include the cover you do need and exclude the bits you don’t.
Don’t leave your business exposed to risk. For an instant quote on your business insurance, let Policy Expert help.
Read more in our business insurance guides or get a quote now.