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Building/Contents & Equipment
We would recommend that cover is arranged on an
“All Risks” basis for the buildings and contents
at your premises. This covers damage from a wide range
of causes including fire, flood, vandalism, theft, storm,
burst pipe and accidental damage etc.
If you own the building consider
extending cover to include damage arising from subsidence
landslip and heave.
Theft Cover is usually restricted to losses arising
from forcible and violent entry or exit to the premises.
“ Walk in “ theft is therefore excluded. Additional
Cover can be arranged if necessary.
Carefully assess the values at risk and ask yourself
a series of questions:
Would we be able to replace the Plant and Equipment
with items of a similar age and condition, if not a
new for old basis of Cover should be considered and
reflected in the sum insured .
- How do Stock values fluctuate, what is the maximum
and average probable losses.
- Do we need to extend Cover for equipment away from
the premises e.g. Laptops, Test Equipment, Mobile
Phones , portable construction equipment , property
at customers or suppliers premises eg tooling .
- Do we hire in equipment and are you responsible for
loss or damage to it .
- Assess the rebuilding cost of the property. Rebuilding
cost is often less than market value which includes
the land value of the premises .
- Identify the value of the Computer Hardware. Is
the Software purchased under License. In the event
of loss or damage would it be possible to replace
the software subject to payment of a nominal fee.
Phone 01634 862525 to discuss.
Business Interruption
If you do suffer serious damage at your premises
it is likely it will affect your ability to continue
to trade. We recommend Business Interruption Insurance
which will compensate for loss of income and profit
following damage at your premises . In addition it helps
to get you back in business by paying the Increased
Cost of Working e.g. overtime payments to staff , rent
alternative premises , hire in equipment etc.
Consider what affect it would have if you are unable
to trade for one or two months . When you are able to
recommence trading would you be able to reacquire your
customers. Many customers would have had to find alternative
suppliers and have developed relationships with these
new suppliers. Experience shows loss of trading for
periods as short as 4 – 8 weeks can affect the
income and profitability of a business for over a 12
month period .
The Basis of Cover varies depending upon the industry
within which you work and your own specific requirements
. Foe example Contractors earn income and profit away
from their premises and a more limited but cost effective
basis of Cover may be considered - Increased Cost of
Working. However for many Full of income and profit
protection should be considered.
For the professions Cover should be based upon the
gross fees of the practice . For many businesses it
should be based upon gross profit which for Insurance
purposes is a general rule “ Turnover less Purchases“
. In the event of serious damage many of the costs of
the business continue . These include rent, rates, wages
etc. . The only significant saving is in material purchases.
Money Insurance
Consider the cash handling of the business . Who
accepts cash and to what values . Business handling
cash have an increased risk of theft.
Consider values of cash on the premises during business
hours, out of business hours, in locked safes in the
homes of authorised employees and Directors. Consider
your procedures .
Goods in Transit
Cost depends upon load limit per vehicle and numbers
of vehicles for which Cover is required. Do you use
outside hauliers . Do they accept full liability for
your goods or limit their liability by contract conditions
.
Consider your working practices . Do you leave vehicle
loaded overnight . Is Cover limited to losses during
normal business hours or does it apply 24 hours a day.
Cover can be tailored to your individual requirements.
Other protection includes book debts , credit insurance
amongst others
These are a general introduction to the subjects
and specific advice should be sought when arranging
cover
For further details contact Matt Sendall King on 01634-862525
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