Property
(1) Premises & Equipment
It is vital that the building you occupy is adequately insured for the full
cost of rebuilding. Your contents - including stock, machinery and furniture
- should also be insured for the amount which it would cost to replace them.
Cover is available against either "all risks" (with certain exceptions) or
specific perils such as fire, theft and storm.
The sums for which you insure should take account of inflation during both
the coming year of insurance and any subsequent period needed for the rebuilding
or replacement of the property. In most cases it will also be advantageous
to insure the cost of replacing the property as new. Various schemes have
been devised to help you allow for these factors, and your insurance broker
will be happy to discuss them with you.
If you rent your premises, it is likely that the landlord will insure the
building :if so, the cost will be charged to you (and any other tenants).
You should however make sure that the building is covered adequately.
If you lease equipment or are buying it on hire purchase, the leasing company
will require it to be insured. They may also wish to have their interest in
the property mentioned in the insurance policy.
(2) Other Types of Property
-
The insurance's mentioned below cover the specific types of property shown
-
Money - cash and crossed cheques on your premises or in transit
-
Goods in Transit -stock while it is being delivered to or collected from customers or suppliers.
-
Plant "All Risks" -plant and equipment used away from your premises
-
Glass - accidental damage to glass in windows and other fixed glass
-
Engineering - certain types of plant and machinery which require regular inspection to ensure they comply with statutory regulations.
-
Computers - hardware and software
-
Frozen Food - loss of frozen stock through breakdown of the refrigeration equipment.
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