Your stock-in-trade, money, public and employers’ liability are all included, plus electronic equipment such as cash registers and computers. If you carry high theft-risk stock such as spirits, tobacco or car radios you must declare a separate sum insured for these because they will affect an insurer’s view of what is adequate security in your case.
If your premises are not your own but have improvements paid for by you, these need to be covered under your policy because the landlord’s building insurance policy (which you will be paying for either in full or in part) will only reinstate the landlord’s property prior to your improvements.
If you do own your premises, they can be covered in the usual way but do not forget to tell us if any part (for example, a flat over the shop) has been sub-let or sold on a long lease to a third party.
Loss of profits cover is another standard feature. Its purpose is to replace your income should you be unable to trade because of an insured peril occurring. In plain English, if you have a fire resulting in you being unable to open for business and you are insured for fire damage, your insurer will pay you your lost gross profit (income less cost of purchases sold). This will allow you to maintain your drawings, and pay staff, rent and other expenses. Remember that you will have to provide proof of your turnover and profits at the time of a claim. Unrecorded sales do not count.
Generally speaking, the greater your sums insured, the higher the level of security required by insurers. A burglar alarm fitted by a NSI (National Security Inspectorate) installer, with central station signalling by BT Redcare, is always the preferred choice, even when it is not mandatory. However, tell us what security you have and we will work with you.
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