If you are a business owner you are likely to have purchased some kind of insurance to cover your business. You would probably be satisfied with the knowledge that you have purchased the insurance and therefore your business will be safe from any eventualities. But it is highly possible that you may have purchased the basic level of cover available in order to keep your costs, lower. The policy may not be offering you any coverage for the contents of your business. What are you going to do if there was a burglary in the business or it was struck by a natural disaster?
You would probably call your insurer and try to make a claim for any damages that may have occurred. It is quite possible that some of the damages could be covered under the policy that you are currently holding. But that policy would certainly not cover the contents of your business. You will be told by the insurer that you should have purchased business content insurance as a safety measure against such incidents. Your claim for any damages to the contents would be refused by the insurance company without any hesitancy.
This is a problem that is faced by a large number of business persons who make the mistake of believing that a regular policy issued by an insurance company will also cover the contents that may be stored in the business crisis. In most cases, insurance companies will only cover a small part of the contents, but will not offer comprehensive coverage to the policyholder. The coverage offered under a regular policy towards the contents could be as low as 25 to 30%. This will definitely leave the business owner facing a huge loss, not knowing where the losses can be recuperated from.
A business content insurance policy is different from other policies which are sold by insurance to business persons. You cannot afford to treat such a policy in the same manner that you would a cheap commercial insurance policy. In this case, a representative from the insurance company will pay a visit to your business in order to ascertain the value of the contents stored and the reasons why the contents have been stored in the premises. Any quotation that will be given to you will be specific to the requirements of your business. If you are in the business of offering services, chances are that you will in all likelihood, receive a quote that will be extremely affordable. On the other hand, if you try to purchase business content insurance for a retail venture, the premiums are likely to be higher. This is because the total cost of your inventories could fluctuate at any time due to seasonal factors.
The insurance company offering you business content insurance will want to ensure that your business has enough security systems installed to keep it safe. This matter, gains in particular importance if your business is located in an area which has a high incidence of crime. In such cases, the premium you pay is likely to be higher. At the same time, if the business is located close to a police precinct, chances are that the insurer will offer you discounts on the policy.
You would perhaps be the best person to understand the value of any contents which have been stored in your business. Therefore, you should be taking enough precautions to see that they are well protected. Do not rely upon the regular insurance policy which you had purchased, but look to invest a little extra money into a business content insurance policy.