Property Damage Insurance

This covers loss or damage to the physical assets of the business whilst at your premises. You need to split the value of your assets between buildings (if you own the buildings or are responsible for the insurance), contents/machinery, computers and stock. The buildings, contents/machinery and computers need to be valued on a ‘new for old’ basis and stock valued on the cost of replacement not sales value. Subsidence is not included as standard, and you should ask for a quotation to include this particularly if you are insuring the building.

The premium is dependent upon the insured values, location of premises, usage, construction, security and claims experience.

Cover may be restricted or excluded if there are inadequate or inferior risk features, e.g. no alarm, non-standard construction. The policy can be extended to cover assets whilst away from your premises, e.g. for portable equipment or goods at third party premises.