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Business Insurance: Benefits and Quick Guide
Business insurance is a package of insurance covers you can choose as needed for your business.
Cover sections usually include property damage for stock, contents and buildings; burglary; public and product liability; and business interruption for loss of net profit and payment of fixed overheads. The covers are packaged together to provide a premium discount and also to reduce administration.
Covering different types of businesses
Every business, even within the same sector, has unique risks. Whether it’s a slippery floor and potential injury to customers or workers, cyber hacking into computer systems or the likelihood of break-ins, your business insurance cover and sections should be tailored to your own needs.
Sum Insureds and Inflation:
Costs for materials, rebuilding, and labour have increased rapidly over the past few years.
Ensuring you have enough cover means checking on the replacement values of building, plant & machinery, as well as stock. All insurers require up-to-date values to be insured. These are called the Sum Insured on your policy schedule. If these are less than needed to repair or reinstate the lost or damaged property, then you could have a shortfall in the claim settlement amount. This could cause delays in rebuilding or the need to obtain finance to pay for any gap.
Your professional insurance adviser can provide guidance and ensure that you have the right type of cover and adequate sums insured. Providing peace of mind so you can concentrate on growing your business.