If you run a business one of your biggest concerns will be your business property.
Unfortunately many a small businessman has been awoken at night by intruders in his shop below or by the remote office premises alarm phoning his mobile at four in the morning.
As a business person your property will always be at risk. Fortunately business property contents insurance is available which will cover all risks to which an enterprise large or small, may be exposed. This insurance cover is available either to business property tenants or lease-holders or to owner occupiers who keep business contents at the premises.
One of the largest risks to business property is from theft and in particular the business property contents.
Thieves though rarely known to steal buildings but regularly attack commercial premises for the contents.
Consequently, a business contents insurance policy will be rated for theft on two major counts.
Primarily the location of the building where the contents are kept. If you run your business in a high risk theft area as defined by the insurance company statistics, then you pay a lot more to protect your business possessions.
Secondly the cost of covering your businesses tangible assets is determined by the value of the property kept at the business premises. If you keep stock or equipment that is considered a high risk for theft, then the premiums quoted will reflect this.
High risk stock items include goods which are easily portable and can be resold for cash, including audio, video and television equipment, cigarettes, cigars and tobacco, designer clothing, computers and digital equipment and software, computer games, drugs, pharmaceuticals and medicines, precious metals and jewellery, mobiles, telephones and radios, cameras, photographic equipment, power tools,DVDs, CDs, trophies, wines, alcohol and spirits. If your business premises contains any of these items you will need to calculate the total value of each when applying for cover.
All content insurance polices for commercial insurance will ask you to declare the replacement value of all the goods on the property. Usually the total value is divided into sums insured, in separate sections for business equipment like tables and chairs, computer equipment, electrical equipment, filing and data, business stock, high risk stock, machinery and all other property.
Many small business insurance policies provide provision for contents insurance for all types of buildings and businesses, however some for some risks the policy may be issued subject to conditional clauses.
Depending upon the location of the premises a business insurer may well impose tough restrictions as to the storage and security of the property and its contents. This may include approved alarms, CCTV, security patrols, window grills and bars, and certain types of locks, all of which will also help to keep the premium costs down as they attract large discounts if fitted.
Business contents insurance policies also contain provision for all material damage and loss caused by a long list of perils, including fire and flood. Some companies may put restrictions upon the policy if your business postcode is in a known flood risk area.
Contents insurance for small business is usually sold as a package offering all risks cover for a particular property type. Cover is widely available from numerous online insurance company offerings and price comparison sites. Typical small business contents insurance packages are available online for shops, office, pubs, hotels, restaurants, surgeries and most home based businesses.
Contents insurance packages for small business usually include a range of additional or optional covers which protect the contents from other risks. One such cover is Business interruption insurance which protects gross profits of the company if the stock or contents are destroyed. Another frequently available is Goods in transit cover which protects a businesses goods and contents away from the premises, in transit either to or from the place of work or delivery
Larger enterprises with multiple risk addresses and high value contents will need to seek the services of a business insurance broker who can advise on the appropriate covers required for the enterprise.
In such a case business contents insurance would be covered under what is known as a Combined Commercial insurance policy. These polices are available for all business types who do not fit a package policy and require contents insurance.