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Insuring business assets

A Guide to Insuring Business Assets

If you run your own business, then you probably already know that insurance plays a big part in your business life. One problem that many business owners come across is knowing the best ways of protecting business assets. The fact is, when you start to think about how to insure your business assets, that you'll soon realise that the 'one policy fits all' model won't work here.

To insure your business assets to the max, you may need to take out various kinds of insurance policy. Here, protecting business assets and insuring business assets is all about knowing what you need in terms of protection.

Types of assets insurance cover for businesses                

If you are considering protecting business assets by insuring business assets, you'll find that there are various kinds of business insurance available to business owners in the insurance sector. These include:

  • Buildings insurance:  When protecting business assets, these policies will give you financial protection if you own the building in which your business operates or if you are liable for setting up insurance on it. If something happens to the building, then your insurance will pay for repair/rebuilding costs.

  • Contents insurance:  If you insure your business assets through contents insurance, cover here will help protect all kinds of issues including furniture, stock, equipment, and machinery against issues such as theft, fire, and other forms of damage.

  • Vehicle insurance:  If you own and run company vehicles, then you must (by law) have at least third party insurance on them to protect other people and their property if there is an accident. This kind of base cover won't insure your business assets against problems such as fire, theft, and damage, so you may want to take out further insurance for that.

  • Goods in transit insurance:  If you ship or deliver products, then this kind of cover will help you out by insuring business assets if something happens to a delivery.

  • Money insurance:  If your business handles money on a regular basis, then this kind of policy will help you insure your business assets by making sure that you get recompense if money is lost or stolen. It also goes some way to protecting business assets by giving you cover in case one of your employees is hurt, say in a cash robbery.

Your most important business asset?

When you look to insure your business assets don't forget about the most important asset you have—your employees! It is a legal requirement for most business to take out Employers' Liability Insurance. So, when protecting business assets, check to see if you do have to have cover here. Most businesses that employ people will need this by law.

Insuring business assets simply means that you take out a policy that will give you cover in the event that an employee falls ill or gets injured while doing under your employment, so, if he/she claims compensation, then your policy will cover your financial commitments.

In order to best insure your business assets, look at the assets you actually have and think about the best ways of protecting business assets and the people that you may employ. Bear in mind that insuring business assets via one or more policies is not a waste of money.  If something goes wrong, and you do have cover in place, then you won't be out of pocket.              

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