Unlike other types of insurance, insurance for a business cannot be contained in any one insurance policy. Given the numerous risks, both generic and unique, to each type of business, it’s impossible to cater for all insurable risks under one policy. For this reason, business insurance companies will compose the insurance for a business using a number of insurance policies under one portfolio.
It goes without saying, then, that each insurance portfolio for a business will be different and dependent on the type of business that requires the insurance. For example, a florist will require a different insurance portfolio than a manufacturer of plastic bottles, even though they may both require buildings and car insurance. Certain policies cater for certain risks. Buildings insurance will be beneficial for any business that owns the building it operates from, whether that building is a warehouse or office space.
Other policies are beneficial for only a few types of business, such as raw materials insurance, which protects the raw materials used in the production of a product from damage or destruction, while in transit or in storage. To be adequately covered, each business must compile their own policy from the range of policies available to businesses. These policies include the following types of insurance for a business.
Building and contents insurance for a business
For business who own the building from which they operate, buildings insurance will protect it from damage and catastrophe such as fire, hail, storms, flooding and earthquakes, while a contents insurance policy protects the movable possessions within the building from theft, accidental damage, or destruction.
Stock and equipment insurance for a business
For businesses that produce goods or sell goods, they can protect those goods while stored and in transit with a stock insurance policy. Equipment and machinery used to make said goods can also be insured under a specialist equipment insurance policy. (Office equipment can be included under a contents insurance policy as it is not high-value or a specialty product.)
Car and fleet insurance for a business
If your company makes use of company vehicles, then a car insurance for a business policy will be required. Even though personal or private car insurance is cheaper, your insurer won’t cover your business vehicles privately. For businesses specializing in the transport of goods, then fleet insurance will more appropriately cater for their risk. Fleet insurance may include stock insurance for the goods in transit.
For other insurance policies, such as marine and liability insurance for a business, speak to your insurance broker or get a business insurer to contact you with options by filling in our online form. |
