Insurance
Centre Commercial Insurance
Business
Insurance from the Insurance Centre
COMMERCIAL BUSINESS INSURANCE
In business you will always need insurance; without it your
livelihood is at risk. An unexpected loss could cause you
financial hardship and destroy years of hard work. By law,
some types of insurance are compulsory.
PROPERTY
Contents and buldings can be insured against fire, lightning,
explosion of gas and boilers used for domestic purposes without
the addition of "special perils" such as explosion,
riot, malicious damage, storm, flood, impact by aircraft,
road and rail vehicles, escape of water from tanks or pipes
and sprinkler leakage.
"All
risks" business insurance gives wider cover including
accidental damage or loss not specifically excluded. But "all
risks" will not cover wear and tear, electrical or mechanical
breakdown and gradual deterioration which will be specifically
stated in the policy document.
HOW
MUCH FOR?
Buildings
Insurance – the business premises should be insured
for their full rebuilding cost and not just for market value.
You may need advice to calculate the rebuilding cost, which
often differs significantly from market value.
Contents
Insurance – your stock should be insured for its cost
price without any addition for profit. Provision may be made
for seasonal stock fluctuations. Plant and business equipment
can be insured on a "replacement as new" or an "indemnity"
basis. If you choose indemnity, wear and tear will be taken
into account when settling any claims.
For
further information on Insurance Centre business insurance
visit the Insurance Centre website.
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