Business contents insurance
With household contents insurance for individuals, your contents in your home are insured against damage. But what if you have a business? Then you can take out business contents insurance. In insurance terms, we do not talk about business contents insurance, but about inventory insurance. On this page we explain what inventory insurance entails and why it is so important.
What does home contents insurance for businesses entail?
If you own your own business then you probably have a lot of inventory, such as desks, machinery and perhaps supplies. To ensure that your inventory and goods are protected against damage, you can take out inventory insurance. With this you are insured for damage as a result of, for example, burglary, storm or fire in your business.
Why purchase contents insurance for your business?
If you are wondering if inventory insurance is useful for your business, we can be very brief about this: Yes it is! 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 work does not have to stop for too long. Or what if your building is broken into and all your laptops have been taken. These are situations you should not think about. With inventory insurance, you are insured for many of these damages. Which insurance best suits your business depends on the type of business.
Taking out business contents insurance? Calculate your premium!
What is covered under business contents insurance (inventory insurance)?
As mentioned earlier, insurers actually always talk about inventory insurance instead of business contents insurance. Here the insurer makes a distinction between goods and inventory insurance. By inventory we mean all the items used in your business to practice your profession. From office furniture, laptops but also machines fall under inventory. Basically all the things that are in your business premises of your company and are needed to perform the work.
What is covered by commodity insurance?
By goods, we mean, for example, the inventory that you purchase and sell or consume in making or preparing the final product. These include raw materials, semi-finished products, finished products and packaging materials and the like. So it is 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?
Private contents insurance covers the contents of your home. With inventory insurance, it's about the inventory in your business. So the difference is in the private and business piece.
Are you a self-employed person and work in a home office? Your private contents insurance will usually reimburse a portion for a business inventory, but only up to a maximum amount. Often you reach this amount sooner than you think. So in this case, it may still be wise to take out inventory insurance.
Compare business contents insurance?
What inventory and property insurance costs depends on your business and what industry you are in. The amount of inventory and goods also determines your premium. As with private contents insurance, inventory insurance also works with different coverages. Thereby, the more coverage, the more premium you pay. Exactly which items are included in the basic coverage of your inventory insurance varies by insurer. Most insurers have standard coverage for damage caused by fire, storm, explosion and lightning. The additional coverage may vary from one insurer to another. Therefore, it pays to compare well before purchasing inventory insurance.
Do you have questions or want to know which inventory insurance is right for your business? If so, please contact us.
Calculate inventory insurance premiums online!
We can be reached via chat, WhatsApp, phone or email
Questions? Contact us if you want to know more.
We are here Monday to Friday from 08:00 to 18:00.