CIC Blog

What’s the difference between Buildings and Contents Insurance?

by Chris Brown on August 8, 2016

Buildings Insurance covers damage to your business buildings. This damage might occur because of fire, floods, water damage, lightening strikes and earthquakes.

The amount of buildings insurance taken out should cover the cost of rebuilding your business premises and include professional fees and the cost of clearing the site.

Contents Insurance covers the contents of your building including damage to and/or theft of any stock or business equipment.

Stock should be covered for cost price (the price without profit) and may needs to account for stock fluctuation at certain times of the year. For example, more stock being present on site just before Christmas.

Business equipment can be insured on ‘indemnity’ (where wear and tear is taken into account when settling claims), or ‘replacement’ (where stolen, damaged or irreparable items are replaced with a new one).

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Chris BrownWhat’s the difference between Buildings and Contents Insurance?

What other types of business insurance are recommended?

by Chris Brown on August 8, 2016

Liability Insurance protects you against risk of compensation claims and legal action from your customers and the general public, when you or your employees have done something wrong, failed to do something you should have, or broken the law.

Buildings and Contents Insurance provides financial protection for your property, stock and business equipment from events such as burglary, fire or flooding.

Business Interruption Insurance is a further level of protection which provides financial assistance for the period when you are unable to conduct business as normal because of this damage. E.g. cafes, hotels or shops that have to close whilst repairs are undertaken as a result of a flood.

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Chris BrownWhat other types of business insurance are recommended?