What level of cover do I need?
When calculating the amount you require for contents cover, it is important to consider how much it would cost you if you had to replace all of your belongings following an insured event. Always be realistic and as accurate as possible in your estimations. If you are underinsured this can affect claim payments in future, so it’s important to spend time evaluating your contents, and review these regularly.
What is the difference between fixtures and fittings and contents?
Generally speaking, fixtures and fittings are defined as those items that are fixed or fitted to the building, and contents would be the moveable items contained in your property. Imagine if it were possible to turn the building upside down like a dolls house, the contents would be the items that would fall out, and the fixtures and fittings would remain in place.
Is contents cover compulsory?
While contents insurance is not compulsory, it is important to consider how you would replace all of your belongings if the worst happened. Think of a fire, and the devastation it can cause within a matter of minutes. Would you have the necessary financial resource set aside to replace all of your items? How quickly could you replace your stock and get back up and running again? Without contents protection in place, you may face a situation that forces you out of business. Remember, if you have any equipment on hire, your lease agreement may specify a requirement for contents insurance. This could also be the case if you hold any goods or stock belonging to your clients or suppliers.
Can I cover contents away from my business premises?
From time to time you may need to take business belongings to meetings, or prospective clients and many companies will deliver goods as part of the service they provide. Most policies can offer cover for goods whilst they are in transit, as well as specified all risks cover, that specifies particular items to be covered outside of the business premises.