Business insurance isn’t just about insuring the bricks & mortar or insuring against slips & trips, insuring your contents, your tools, your fixtures and your stock is vitally important and can include:
- Stock – sometimes referred to as Stock in Trade, this is unique for every business – for a manufacturer, it’s raw materials, work-in-progress and finished goods; for a cafe, it’s food and drink; for a livery stables, it’s hay, feed & straw; for a beauty salon it’s nail polish, for a cake manufacturer, it’s the raw materials of flour, eggs, sugar & fat, right through to the end product – the cake and all its trimmings in its packaging and for an Insurance Broker – paper!
- High Risk Stock – this is stock that is attractive to thieves – usually finished goods in the retail sector such as cigarettes, alcohol, TVs, audio visual equipment, computers, mobile phones, electronic games etc – the premiums here are higher and insurers often ask for increased levels of physical security (door & window locks) and alarms etc. All depends on the type of stock, where your premises are and the sum insured you need. As ever, Millins Chartered Insurance Brokers are here to help & advise on the best policy to fit your needs and budget.
- Fixtures & Fittings – these are bespoke internal improvements made to a building to fit it out for your business. Anything from simple shelving through to a fitted kitchen, partitioning, mezzanine floors or workshop racking.This is part of the building if your business owns its own building, or so called Tenants Improvements if you rent. Shops have a special section of cover for their “Shop Front” which the shop is usually responsible for themselves.
- Tools & Machinery – these are the things that a business needs to operate its business. For the restaurant, it’s kitchen utensils; the car mechanic, it’s his hand tools, ramp and diagnostic equipment; for a manufacturer, it’s machinery.
- Computers & IT Equipment – computers, printers, photocopiers and other electronic office equipment that are used by the business on a day to day basis.
- All other contents – everything else including furnishings, staff rest room contents, carpets, curtains etc. But sometimes, some businesses have other possessions that need insuring that would specifically need declaring to an insurer. We would advise you on this.
We will be pleased to discuss your needs in more detail so for more information contact:- Andy Smith ACII, Chartered Insurance Broker Commercial Broking Director.