Having adequate insurance cover is one of the most fundamental parts of being in business. It provides invaluable protection against a range of risk events, reducing financial uncertainty and protecting both your own livelihood and that of your workforce. You have a lot to protect, from assets such as your buildings, plant & machinery, contents, stock and customer goods, to your business income and legal liabilities.
Business insurance policies are generally set up in a manner where you can pick and choose sections of cover based on your individual needs. Keep in mind the sections of cover and the cover itself can vary considerably from insurer to insurer. Some of the sections you can expect to see available in a standard business insurance policy include:
- Property Damage – covering material damage to your business assets such as buildings, contents, stock and customers goods from perils such as fire, water damage, storm damage, hail, lightning strike, earthquake, impact damage, accidental damage, just to name a few.
- Business Interruption – covers the business’ loss of profits in the event of a material damage claim under the policy. Business interruption can be insured in a variety of ways and your Confio Insurance Adviser is ideally placed to ensure your sums insured are adequate.
- Burglary/Theft – covering theft of goods from the insured premises. Some policies have extensions to cover goods in the open air and theft without violent and forcible entry.
- Money – covers theft of money in a variety of locations such as whilst on the premises during business hours, outside business hours, during transit, in a locked safe and even at private residences. It’s important the policy definition of ‘money’ on your policy is broad enough to cover the negotiable instruments of your business.
- Liability – most general liability policies within a business package cover public liability, products liability and advertising liability. However your business may have exposures greater than the cover afforded by a general liability policy. Your Confio Insurance Adviser can provide advice and assistance in these areas.
- Employee Dishonesty – covering fraud committed by an employee such as theft of money or property.
- General Property – covers portable property that you take away from your premises against material damage perils. Items normally covered under this section include tools, specialised portable equipment, mobile phones and laptop computers.
- Engineering/Machinery or Equipment Breakdown – covers the sudden and unforeseen damage to mechanical plant and equipment. Some policies can extend to include protection against any resultant loss of profits.
- Computer and Electronic Equipment – covers loss or damage to computer and/or electronic equipment from perils such as accidental damage, fire and perils, breakdown and theft.
- Taxation Investigation – covers costs incurred to complete a tax audit or investigation. Coverage levels and the types of audits and investigations included can vary considerably between insurers.
As you can see there’s a lot to consider. Confio Insurance Adivsers are specialists when it comes business insurance. By making it their business to understand yours they’ll ensure your policy always includes everything you need – and nothing you don’t.