Business Contents Insurance

Business Contents Insurance 

It doesn't matter how digital our age becomes; businesses will always require tangible items in their physical location. Sometimes, it's office equipment like computers or mechanical equipment that the employees need to be able to do their jobs. Other times, it is inventory that the company sells to its customers. There are other points where a company might have things like furniture that are simply part of the atmosphere it wants to create for its customers. In any of these cases, this equipment must be there to serve its purpose. Business contents insurance is the way a business ensures that even in the event of a loss, a business can keep everything it needs intact to avoid financial losses and continue to keep its doors open. 

What Is Business Contents Insurance? 

Business contents insurance is an aspect of business insurance, or commercial insurance that protects the business equipment and stock that a company keeps on location from theft and accidental damage. Almost every business has equipment and/or inventory they sell to customers. Losing something very valuable can set any business back a lot, especially if they are just starting out. Business contents insurance is an added layer of protection, ensuring that even if such an event occurs, your business will continue to run smoothly. 

Who Needs Business Contents Insurance? 

Any business owner with valuable possessions at their commercial property could use the coverage provided by business contents insurance. We trust that you are doing everything in your power to protect your most valuable items, but no matter how careful you are, you can't lower the chances of something happening to zero. There's always the chance that a sudden accident could take out a machine, an expensive piece of equipment, a large amount of stock, or another expensive item that your business possesses. Business contents insurance would act as the backup if something were to happen to your most valuable equipment. 

What Does Business Contents Insurance Cover? 

Business contents insurance covers a lot. A list of possible situations in which it can financially protect you includes, but is not limited to, the following: 

• Something valuable belonging to you is stolen from your business premises.  
• There is a fire on your premises, and inventory or equipment was damaged or destroyed. 
• Some of your items suffer water damage in an event such as a flood. 
• A customer angrily breaks some of your property. 
• A vehicle or other object crashes into your premises, damaging or destroying some of your inventory or equipment. 
• Your equipment is damaged by the effects of severe weather, such as hail. 

Please note that these are not the only situations in which your business contents insurance might kick in. If you would like to know more about what is covered by business contents insurance or your coverage options, it is best to speak with your Morison Insurance broker. 

What Is Not Covered By Business Contents Insurance? 

Please note that although a business contents insurance policy will provide financial protection in most cases where your contents are harmed, there are some situations where it will not cover you, sometimes due to another optional policy covering the situation. These situations include: 

• Malicious damage done intentionally by the policyholder. 
• Anything that breaks down as a result of wear and tear over time. 
• Machine breakdowns. These are instead covered by equipment breakdown insurance. 
• Anything specified as not being covered in the policy itself. 
• Company vehicles, as they are covered by commercial auto and fleet insurance. 
• Damage from a cyber-attack, as that is covered by commercial cyber insurance. 
• Liability claims, as these are covered by commercial general liability insurance and errors and omissions insurance. 

Please note that these are not the only situations in which your business contents insurance will not cover you. If you would like to know more or would like to know if you can have certain aspects of your coverage adjusted, you are encouraged to speak with your Morison Insurance broker, who will be happy to help. 

How Can I Keep Track Of My Insured Inventory? 

Tracking your inventory for insurance can be solved in a couple of ways. If you're a retailer, you almost certainly have some inventory tracking system that can be used to prove what you have if you ever face a loss. Otherwise, you'll need some inventory sheets and receipts to show evidence of certain items being destroyed. You should keep very close track of everything about an item, including brand, year made, and name/title, to get an accurate replacement value. Spreadsheets can be a good way to keep track of this if you have a small business, but dedicated software is often a better choice if you have a larger quantity of items. Regardless of which you choose, you should always have at least two digital copies (one stored locally, one on a cloud) and one physical copy of all this information. 

Does Business Contents Insurance Cover Portable Items? 

Yes. Items your employees use for work-related purposes are covered if they are taken off company property. For example, if one of your employees works from home and uses a company laptop, that laptop will be covered under your business contents insurance policy. However, there may be some circumstances where you might be required to get special coverage for a specific item. If you would like to know if a specific item will be covered or would like more professional advice related to your insurance policy, please speak with your Morison Insurance broker. 

How Much Does Business Contents Insurance Cost? 

There is no set cost for business contents insurance. This is because there are many factors involved in determining a business contents insurance quote, and each insurance company will almost certainly give the same person in the same situation a different price due to these insurance providers weighing each of these factors differently. If you would like to know more about a potential business contents insurance quote, it is best that you speak with your Morison Insurance broker. 

What Factors Could Impact My Business Contents Insurance Cost? 

A handful of factors could impact your business contents insurance quote, most of which are tied to the level of risk the insured is exposed to. Some of these factors are within your control and can be adjusted to help lower your business contents insurance quote. Some of the factors that can have an impact on what you pay for the coverage include the following: 

• The total replacement cost of all items you want to insure under your policy. 
• The claims history of the insured. 
• The location of the business. 
• Any workplace safety precautions taken to reduce the risk of damage to equipment. 
• The size of the deductible. 
• The industry the insured's business is in and the risks associated with that industry. 
• The size of the company. 

Please note that these are not the only factors that could impact your business contents insurance quote. If you would like to know more, it is best that you contact your Morison Insurance broker. 

Where Can I Get A Business Contents Insurance Quote? 

You can get a business contents insurance quote from Morison Insurance. Morison Insurance is a family-owned insurance brokerage that has been servicing clients in Ontario for over 100 years while treating said clients like an extension of that family. We offer a wide variety of both business insurance policies and personal insurance coverage, and with us, you will have a licensed broker look over all the coverage you have. Get started with us today by calling 1-800-463-8074 or submitting a form. We look forward to hearing from you.