For a business, a fire or other insured property loss can mean damaged premises, unusable equipment, lost stock and a disruption to customer service. The financial impact may continue long after the immediate damage is repaired.
MAKE AN ASSET INVENTORY
List buildings, machinery, furniture, computers, stock and other important property. Keep purchase records and review the values used for insurance. Underinsurance can leave a business short of funds following a covered loss.
UNDERSTAND WHAT PROPERTY COVER INCLUDES
The events covered, exclusions, deductibles and valuation basis depend on the policy. Do not assume every cause of damage, type of stock or item of equipment is automatically included.
ASK ABOUT BUSINESS INTERRUPTION
Where available and appropriate, business interruption cover may help with certain income losses or continuing expenses following an insured event. The policy will specify the trigger, indemnity period and applicable conditions.
A policy may require physical damage caused by an insured event before interruption cover responds. Read the wording rather than assuming every period of downtime is covered.
INSURANCE AND PREVENTION WORK TOGETHER
Maintain fire detection systems, electrical equipment and safety procedures. Keep backups of important records and identify alternative suppliers or operating locations where practical.
Review your cover whenever you expand, move premises, buy new equipment or hold more inventory than usual. The best time to check your protection is before an incident occurs.
Protect Your Family & Business Continuity
Consult our IRDA-certified insurance advisors (IC38) for independent term life insurance, comprehensive family floater health plans, and corporate risk coverage.
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