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Opinion

Property Insurance Is Only As Good As The Policy You Choose

It’s no secret how essential we think Property insurance is. But it’s useless unless you choose the right cover.

Why? Well, any insurance is a wasted cost if it doesn’t cover you properly. That’s what makes exploring the practicalities of Property insurance so important…

Photo by Nastuh Abootalebi

How much does it cost?

It depends what you’re covering and the nature of your business. Say you work in a typical office setting; you could be expected to pay £50-£100 for some staff computers. Likewise, if you have stock in an office warehouse or 3PL, you’re looking at a few thousand just to protect your products.

Insurers will also consider:

  • The level of cover you need
  • The industry you operate in
  • The security measures you have in place

Factors like the age of your property or other quirks can increase your quote, as can the amount of stock you want to insure. If staff take devices home, some insurances can be extended (for a price) to cover them too.

What questions will I be asked?

Ultimately, it depends on the provider. Each will use different methods to determine what your cover should be and how much it’ll cost. A specialist insurance partner (hi!), on the other hand, will find out as much about your business as possible before running an ‘open market’ process.

They’ll then match you to the best insurers with the best terms as well as those that suit your ambition and values. Crucially, they’ll also keep track of your business’ movements throughout the policy’s term to confirm your cover is still working as it should.

Photo by Shridhar Gupta

What doesn’t it cover?

Most policies will cover specific items while they’re temporarily off-site – for example, if the equipment is in transit or you’re using them at an event. However, a lot of items like laptops, gadgets and wearables aren’t covered under standard policies once they leave your premises.

Most home workers will already have Contents insurance, but you’ll also need to amend your policy so that it covers all work-related tools and equipment in staff homes. At the very least, you’ll need to let your provider know you’re storing equipment at home or they could invalidate your policy.

If you own your premises outright, it may make sense to combine Contents cover with Business Buildings insurance. Or you could find a package that additionally covers Public Liability, Employers’ Liability and Business Interruption insurance.

It pays to work with a scale-up expert

Finding these kinds of combinations and packages that are also relevant to you and your particular risks can be tricky. We make it easy

Our aim is to make sure you're covered for what you need and not paying for what you don't, while building a programme that supports your growth. Get in touch to find out how we do it.

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Capsule Insurance Services Limited t/a Capsule are an Appointed Representative of James Hallam Limited who are authorised and regulated by the Financial Conduct Authority (FCA), under Firm Reference Number (FRN) 134435. Capsule's FRN is 948838. Registered in England and Wales company number: 13340821. Registered office is 48 Belle Vue Terrace, Malvern, England WR14 4QG.

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