Here are some points to consider when thinking about the cover limits you wish to set:
- Always insure your assets – buildings, contents and vehicles - for their current rebuild or replacement cost
- Keep an accurate, current schedule of your contents and stock* and their replacement values - it can add up to more than you think
- If you have a getMY business policy, tell us about new assets - we'll cover them automatically for up to 90 days but you must tell us about them to get cover after that
- Public liability claims can run into millions – makes sure your business’s risk is covered. For example, if you have more than 20 people on your premises at any one time you should think about having our higher-level, £5m public liability cover
- If you manufacture or sell any kind of product, you may need our higher-level, £5m products liability cover
- For business interruption, think about how much of your Gross Income/Profit you could lose if you couldn’t use your premises for 12 months, and think about the additional expenses you could face (renting temporary premises, for example)
- For Deterioration of Stock, think about how much chilled or frozen stock you hold that could be damaged due to a temperature change
- For Specified Items consider what value of items you need to cover away from your premises, such as equipment you take with you to meetings
- For Goods in Transit consider the maximum value of goods you ship at any one time
* Our seasonal increase on stock (50% for retail, 25% for homeworkers and tradesmen and 10% for manufacturing and wholesale) runs for 90 days of the year to cover higher stock levels for Christmas, holidays, etc
Standard inclusions in getMY small business policies
- Employers' liability (if needed) £10m
- Legal expenses £100,000
- Public liability £2m with option to increase to £5m
- Products liability £2m with option to increase to £5m
- Business interruption between £50,000 and £250,000, depending on trade, with options to increase to £100,000 and £500,000 respectively
These are just rough guides, check out the summaries of cover for your particular trade group for additional detail, or call our underwriting team to discuss your requirements in detail.
Find out more about our shop and retail insurance
Find out more about our office and professionals insurance
Find out more about our tradesman insurance
Find out more about our homeworker insurance
Find out more about our pub and restaurant insurance
Find out more about our hotel and guesthouse insurance
Find out more about our surgery insurance
Find out more about our manufacturing and wholesale insurance
Find out more about our general small business insurance
Go online or call now for a quote, it’s quick and easy
Important note!
The information on these website pages is for your general information only. Always check the wording in your insurance documents carefully to find out exactly what cover your policy provides, what the limits of the cover are and whether there are any exclusions or conditions.
