There are other factors to bear in mind when choosing your policy. For example, certain policies will come as part of a commercial combined insurance package, such as business building and contents insurance, which covers both the property and its contents.
This commercial combined insurance package could also include liability insurance. Certain liability insurance is essential, such as employers’ liability insurance which covers you if an employee has an accident at work. This is a legal necessity if you employ someone. However, if you work alone or on a freelance basis, business contents insurance might be the best sole option.
To ensure that you have adequate cover, some policies will provide a seasonal uplift. This will provide you with peace of mind during busier periods, when you might be required to hold higher levels of stock such as Christmas time. It is important that you provide a correct estimate of your contents otherwise you could be underinsured.
Finally, if an item is damaged or goes missing, it’s important to ensure you’re covered for the cost of a replacement item. That’s because some companies may just reimburse you for the initial cost of the item, which could be considerably lower.