Business insurance disaster
Business Property Insurance (Industrial All Risks – IAR) is the heart of protecting your investment. Business risks aren’t limited to just fires; they include natural disasters, theft, or unexpected accidents that could lead to business interruption. To make it easy to understand, I have summarized the key points business owners should know as follows:1. Core Coverage Typically Provided
This type of insurance is usually an “All Risks” policy, which offers broader coverage than standard fire insurance:- Fire and Explosion: The number one cause of severe damage.
- Natural Disasters: Floods (coverage limits must be checked), storms, earthquakes, and hail.
- Theft: Specifically where there are visible signs of forcible entry.
- Glass Damage: Accidents resulting in the breakage of building glass.
- Water Damage: Such as bursting pipes (distinct from flooding).
2. Covered Assets
You can specify coverage for almost everything located at your business premises:- Buildings and Structures: (Generally excluding foundations by standard practice).
- Inventory/Stock: Raw materials, work-in-progress, and finished goods.
- Machinery and Equipment: Including electrical and air conditioning systems.
- Furniture and Fixtures: Everything that helps your business operate.