//Business Insurance

Business Insurance

Business Insurance2018-08-13T20:57:48+00:00

What is Business Insurance?

When you have Business Insurance in place you can relax knowing that your vital contents and equipment are safe, and any major interruptions to your business won’t have lasting financial consequences.  Business insurance provides financial cover for your business premises and contents against loss, damage or theft, and can also provide cover from any financial loss resulting from an insured interruption to the business.

What is Covered with Business Insurance?

1.Material damage loss to your physical assets.  Depending on the cover you select this can include:

  • Damage or theft of office contents or stock
  • Damaged buildings
  • Portable valuables
  • Glass
  • Money
  • Machinery breakdown
  • Business interruption

2.Financial loss due to business interruption

What is typically not Covered?

  • Damage caused by gradual deterioration, wear and tear or failure to maintain property
  • Flood damage is generally excluded from standard policies, but can be requested as an optional extra

Why is Business Insurance Important for Business Owners?

Any business that owns its contents and equipment, as well as the continuous availability of its premises to remain operational should consider Business Insurance. Business Insurance could form a a key component of your risk management plan.

Who is Business Insurance For?

Business Insurance is for any business owner, large or small, retail or service as it enables you to protect your business assets and your operations from an unexpected event.  For example, you have a retail pet business or grooming business in a town that experiences a power outage for an extended period of time.  You may be selling pet food that require refrigeration that get spoiled as a result of the power outage, as well as being unable to open up shop and operate as your business relies upon electrical supply.

With the right Business Insurance Pack in place, in circumstances such as this, you could claim for loss of stock as well as business interruption.  This pack would include cover for contents, machinery breakdown, and within that cover deterioration of stock as well as business interruption cover.  As we all know, even when a business is not operating the costs don’t go away.  There are still items like rent and rates that are payable, and insurance such as this helps us to weather the storm if something unexpected occurs.

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