A material damage policy will cover the cost of repair or reinstatement of your building, stock or machinery and a business interruption extension will provide cover for financial trading loss or additional expenditure as a result of that material damage claim. Covers range from ‘all risks’ to individual perils such as fire, storm, burst pipes, flood, impact, riot, civil commotion and material damage.
Business owners such as manufacturers, wholesalers, distributors and similar businesses have considerable assets tied up in buildings, stock and machinery. The consequences of financial loss resulting from damage can lead to severe disruption, or, at worst, closure.
In addition to material damage, a package commercial property policy will ordinarily extend to include liability insurance. Employers liability insurance provides protection to employers against loss arising out of legal liability resulting from injury or illness to persons under a contract of service or employment. Public liability insurance provides protection against loss arising out of injury to persons (other than to employees) or damage to their property. Products liability provides protection against loss arising out of injury or property damage caused by a defect in the product manufactured or sold.
As a general guide, commercial property insurance may be extended to include extensions specifically tailored to suit a client’s requirements. Common extensions include goods in transit, money, wrongful arrest, engineering, risk management.
With access to a variety of insurers in the market providing comprehensive type commercial property policies at highly competitive prices, Culleton Insurances is well placed to find a policy which best suits your needs in terms of cover and price.
