What does business contents insurance entail?
With household contents insurance for individuals, the things in your home are insured against damage. But what if you have a business? Then business contents insurance may be the answer. In insurance terms we often talk about inventory insurance instead of business contents insurance. On this page we explain to you what inventory insurance is and why it is so important.
What does home contents insurance for businesses entail?
A business is likely to have a lot of inventory, such as desks, machinery and perhaps supplies. To ensure that your inventory is protected against the consequences of damage, you can take out inventory insurance. This insures you for damage caused by, for example, burglary, storm or fire in your business.
What is covered under business contents insurance (inventory insurance)?
An insurer distinguishes between inventory insurance and property insurance. Inventory includes all the items used in your business to practice your profession. Office furniture, laptops but also machines are therefore covered under inventory.
What is covered by commodity insurance?
Goods include the inventory you purchase or consume in making the final product. These include raw materials, semi-finished products, finished products, packaging materials and the like. They are the goods produced within the company and the raw and auxiliary materials used to produce the products.
What is the difference between private and business contents insurance?
Private contents insurance covers the contents of your home. With inventory insurance, it's about the inventory in your business.
Are you self-employed and work from a home office? Usually your private contents insurance will reimburse part of your business inventory, up to a maximum amount. You often reach this amount sooner than you think. Because of this, it may still be wise to purchase inventory insurance.
Compare business contents insurance?
What inventory and property insurance costs depends on your business and the industry in which you operate. In addition, the value of your inventory is a premium determining factor. As with private contents insurance, inventory insurance also offers different coverages. The more comprehensive the coverage you choose, the more premium you pay.
With most insurance companies, you are covered as standard for damage caused by fire, storm, explosion and lightning. Exactly which items are covered under the basic coverage of your inventory insurance varies by insurer. Additional cover may also vary from one insurer to another.
Comparing well before purchasing inventory insurance pays off!
Why get contents insurance for your business?
Inventory insurance for your business can be very useful. The damage will quickly mount up if a fire breaks out in your office and you are not insured. And of course you want to get back to work as soon as possible and prevent your activities from being shut down for too long.
Or how about a break-in at your premises where all the laptops are taken? These are situations you'd rather not think about. With inventory insurance you are insured for many of these types of damage. Which insurance best suits your company depends on the type of business you have.
Do you have questions or want to learn more about inventory insurance? If so, please contact us. We'll be happy to help!
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