Do you know that a fire or an earthquake , for example, can seriously hurt or even shut down a business for an extended period of time? From a minor hiccup to a major financial loss, whether you own your premise or lease your workspace, you need to protect your business physical assets.
– A fire could destroy your premises and the content inside
– A burst water pipe could damage your documents, drawings or other valuable papers.
– A storm could damage your outdoor sign.
Basic property insurance usually covers losses caused by Fire, lightning, explosion.
Policies could also be extended to cover the following risks amongst others :
– Earthquake : covers property that is damaged by earthquake. It is however usually subject to a deductible that is based on a percentage of the property’s value.
– Storm & tempest : covers property that is damaged by a storm or a tempest. It is always recommended that you ask for the definition of storm and tempest in the policy you intend to purchase.
– Flood : this provides coverage for losses to buildings and their contents due to flooding.
– Business interruption : this covers a company’s loss of income resulting from damage or destruction of the property and typically covers reimbursement for payroll, rental income and other expenses.
– Machinery breakdown : It provides coverage for sudden and accidental damage caused to the machinery.
– Theft : noting that theft should be following a violent and forcible entry to the premises.
A property can also be covered under a property all risks policy.
A complete property insurance plan is one of the smartest investments you can make in your business. It protects the costly physical assets of your company such as the building, its contents and any outdoor fixtures. We are here to guide you through the analysis and choice process.