Policies typically cover the cost of repairing or rebuilding the property along with any permanent fixtures and fittings. In most cases, you’ll be protected for damage incurred in occurrences such as:
- Burst pipes
- Vandalism and theft
It’s worth bearing in mind that policies will differ by insurer so it’s always worth double checking the terms and conditions in your own policy so you’re absolutely clear on what is and isn’t covered.
In addition to insuring your building, some policies such as a commercial combined package might include cover for the following:
- Business interruption cover – this compensates you if you have to close your business because of an insured event (like a fire or flood).
- Contents cover – this protects stock, furniture or equipment in your premises. If you only rent out the building, then your tenants are responsible for insuring their own goods and stock.
- Loss of rent cover – if you have tenants that can no longer use your premises (for example, if it was damaged by a fire) then loss of rent insurance will cover the cost of your lost rental income.
- Goods in transit cover – this covers the cost of equipment or goods being transported in a company vehicle.
- Deterioration of stock – this can help reimburse any losses in case your freezer breaks down – vital if you run a café or any sort of catering business.
To switch your business insurance today call #CAMPAIGNBUSINESSSERVICENUMBER#
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