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Insurance Products
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COMMERCIAL BUSINESS INSURANCE
If you are in business you will need insurance; without it your livelihood is
at risk. An unexpected loss could cause financial hardship and destroy years of
hard work. By law, some types of insurance are compulsory.
PROPERTY
Buildings and contents 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" insurance gives wider cover including any accidental
damage or loss not specifically excluded. However "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 - the business premises should be insured for their full rebuilding
cost (including professional fees and the cost of site clearance) and not just for their
market value. You may need expert advice to calculate the rebuilding cost, which often differs
significantly from market value.
Contents - your stock should be insured for its cost price
without any addition for profit. Provision can be made for seasonal stock fluctuations. Plant and
business equipment can be insured on either a "replacement as new" or an "indemnity" basis. If indemnity
is chosen, wear and tear will be taken into account when settling any claims.
ENGINEERING
Engineering insurance provides cover against electrical or mechanical breakdown for most
machinery, including computers. By law, many items of plant such as boilers, lifts and lifting
machinery must be inspected regularly by a qualified person. Insurers can arrange to
provide this service.
THEFT
Contents are usually covered against theft providing there has been forcible and violent
entry to or exit from the premises. Damage to the building resulting from theft or attempted
theft will also normally be covered. Theft by employees is usually not covered - cover against
employee dishonesty can be arranged by a fidelity guarantee policy - see OTHER RISKS.
MONEY
Money insurance is on an "all risks" basis and covers cash, cheques, postage stamps and certain
other negotiable documents.
Different limits will apply to money on the premises in and out
of business hours, in safes, at the homes of directors or employees and in transit. There may be
requirements in the policy relating to safe keys and the method of transit.
Personal assault cover may be included, which will provide compensation for you or your employees
following injury during theft or attempted theft of money.
GOODS IN TRANSIT
Goods in transit insurance covers goods against loss or damage while in your vehicle or when sent
by carrier. The sum insured may be a limit for each vehicle or any one consignment.
BUSINESS INTERRUPTION
Even minor damage to your property could seriously disrupt your business leading to loss of
income and extra expenses.
Business interruption insurance will compensate for the short-fall
in gross profit together with paying any increased working costs and extra accountants’ fees incurred.
When arranging this insurance you will need to estimate the maximum time needed to get your business
working normally following the most serious damage. The insurers will ask for an estimate of your
anticipated gross profit. If an auditor later certifies an actual figure materially lower than this
estimate, a return of premium is normally given.
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