If you own a business, you will need business contents insurance to cover losses of your machinery, stock and other contents. A premises insurance policy will only cover the building itself. You need a separate policy for the things inside your place of business.
Most businesses get at least indemnity coverage. This covers any losses or damage due to a disaster like fire or flood. If you have very expensive machinery or other capital assets, it’s a good idea to get business contents insurance coverage.
You can also get business interruption coverage. This will cover any loss in profits should their be damage or loss of capital equipment or machinery. If one of your machines is damaged or stolen, it could seriously cripple your business so it is a good idea to get ones of these policies as well.
Most business contents insurance policies will also cover theft as well. If you do take out a claim for a theft, you have to prove that they forcibly entered the premises. The insurance companies will want to make sure that you made a good faith effort to protect your equipment and machinery from theft before they give you your claim and any stolen property.
How much coverage you need will depend on what equipement, machinery, assets and other contents you have. It will also be based on how much they are worth, which may include any depreciation. It will also include how important it is for your business and what kinds of returns it makes for you. In other words, you need to figure out how much revenue each piece of equipment is worth in order to get the right amount of coverage.
An insurance broker or advisor will be able to help you decide how much coverage you need. You should make sure that the insurance broker or advisor has authorisation from the Financial Services Authority (FSA) if you are in the UK.
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They regulate the financial services industry in the UK, including the insurance sector.
If you are looking for home contents insurance, you can just follow the link. It will give you information on how you can buy a policy and how to prepare to make a claim.
