You may already have building insurance for your business, insuring you for any damage caused to your place of work, but what about inside the building? Damage or loss of your building’s contents can also have an adverse effect on your ability to do business. Office contents insurance protects your assets inside your building, but it is important to know what it is you should insure.
Office Furniture and Equipment
Even something as simple as tables and chairs are important when it comes to office contents insurance. Everything from office chairs, printers, computers and stationary should be considered for your policy. Think of the cost of replacing all of this in the event of a fire or flood. Your office contents insurance protects against the unpredictability of a disaster or the accidental damage of equipment through employee usage.
What is also important to consider, is not only the value of your contents but also the possible depreciation. Consider how old the equipment is, and insure for the correct value. Anything that is required for the daily administration of your business should be included in your office contents insurance.
Stock and manufacturing equipment
Office contents coverage can also extend to cover your stock and manufacturing equipment. Stock is insured at replacement cost value – the cost of re-buying the stock as opposed to its retail value. Equipment should also be insured for it’s replacement value – however it is important to factor in the additional costs of replacement. Look at the cost of shipping and installing the equipment as part of your consideration in its replacement cost.
Office and business contents insurance is particularly important for businesses who are renting their premises. Protecting your equipment will ensure your ability to continue trading in the event of a disaster.
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