Business contents insurance
With home contents insurance for private individuals, your home contents are insured against damage. But what if you run a business? Then you can take out business contents insurance. In insurance terms, this is not a business contents insurance but an inventory insurance. On this page we explain what inventory insurance entails and why it is so important.
What does household contents insurance for businesses entail?
If you own a business, you probably have a lot of inventory, such as desks, machines and perhaps stock. To ensure that your inventory and goods are protected against the consequences of damage, you can take out inventory insurance. This insures you against damage as a result of burglary, storm or fire in your company.
Why take out home contents insurance for your business?
If you are wondering whether inventory insurance is useful for your business, we can be very brief: Yes it is! Just imagine, a fire breaks out in your office and you are not insured. The damage will quickly mount up. Moreover, you want to get back to work quickly so that your activities are not interrupted for too long. Or what do you think if your premises are broken into and all your laptops are taken? These are situations you should not think about. With an inventory insurance, you are insured for many of these damages. Which insurance best suits your business depends on the type of business.
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What does business inventory insurance cover?
As mentioned earlier, insurers always talk about inventory insurance instead of business contents insurance. The insurer makes a distinction between goods and inventory insurance. With inventory, we mean all items that are used in your company to exercise your profession. From office furniture, laptops but also machines fall under inventory. In fact, all items that are located on your company premises and are necessary to carry out your work.
What is covered by cargo insurance?
By goods we mean, for example, the stock that you buy and sell or consume when making or preparing the final product. These include raw materials, semi-finished products, finished products and packaging materials and the like. They are therefore the goods produced within the company or the raw and auxiliary materials used to make the products.
What is the difference between private and business contents insurance?
With private home contents insurance, the contents of your home are insured. With an inventory insurance, it concerns the inventory in your company. The difference is therefore between private and business.
Are you a freelancer and do you work in a home office? Your private home contents insurance usually reimburses part of a business inventory, but up to a maximum amount. Often you reach this amount sooner than you think. In this case, it may therefore be wise to take out inventory insurance.
Compare business contents insurance?
The cost of inventory and goods insurance depends on your company and the sector in which you operate. The amount of inventory and goods also determines your premium. Inventory insurance, like private home contents insurance, also works with different types of coverage. The more cover, the more premium you pay. Which items exactly fall under the basic coverage of your inventory insurance differs from insurer to insurer. Most insurers offer standard coverage for damage caused by fire, storm, explosion and lightning. The additional coverage may differ per insurer. It is therefore worthwhile to make a good comparison before you take out inventory insurance.
Do you have questions or want to know which inventory insurance fits your company? Then get in touch with us.
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