Should I take contents insurance for my business?

Contents insurance is a very broad type of business insurance covering the damages, loss or theft of virtually any physical items which happen to be in the business’s premises when some unfortunate and unpredictable event happens.

This kind of event can be anything like theft or attempted theft, water leakage, flood damage, fire, explosion, lightning storm or even earthquake! Contents insurance will therefore by especially useful for businesses which usually store many valuable goods in their premises. These goods may or may not be equipment necessary to perform the business.

In some industries, businesses are more likely to need a contents insurance, and actually, specific contents insurance policies have been designed for this kind of businesses. These industries include:

- the retail industry - businesses will want to be insured against the theft of goods and the theft of cash;

- the medical industry - businesses will want to insure the fixtures, furniture, and fittings in the office or surgery;

- businesses from home - coverage of typical home insurance policies may not extend to all that is covered by contents insurance policies;

- landlords - if the property is furnished, and especially if there is a garden with furniture, this kind of insurance will be a good idea.

However, for businesses where items of a certain value need to be insured, specific insurances will have to be purchased separately just for these valuable items - so if these items are all which you want to insure, this kind of insurance might not be the best option.