Business insurance comes in many forms and levels of coverage, surprisingly many operators are not aware of exactly what they are protected from. Just assuming that your property insurance will protect you against flooding for example, may leave you in a difficult situation if flooding is not specifically mentioned or if it is excluded. This is just one example but it highlights the need for careful scrutiny of your policy. There are two basic types of property insurance one that names each risk covered individually and one that covers a general range of risks like weather with specific exclusions like flooding or earthquakes. Knowing exactly what type you have is very important and many business in the United Kingdom employ a combination of both to offer the best possible protection.

The weather patterns in the UK can be moody to say the least and excessive rainfall, tornadoes and flooding are not uncommon. Some areas are more prone to certain risks than others, insurers realize this and will adjust rates and cover accordingly. Knowing about the risks ahead of time allows you to combine typical building insurance with additional protection for specific events. Nature and extreme weather can be a business's worst enemy, with the right type of protection you can keep operations moving even if you have to relocate to a temporary structure while repair or reconstruction is taking place.

While extreme weather can bring many problems, normal seasonal changes can cause damage that is for the most part unforeseen. Seasonal freezing and thawing expand and contract pipes sometimes resulting in ruptures, spring run off can swamp sewer systems and lighting strikes commonly wreak havoc on electrical systems every year. Just having a general policy may not cover the items inside the structure or problems caused by utilities unless specifically named and in many cases a separate policy is required. Assuring that the items inside are covered is further complicated by the actual value to be paid for the items. Some policies will only pay a percentage of the original value allowing for depreciation and some will cover the value of the items as if they were new.

Many businesses in the UK have years worth of data and records that if lost could cripple the organization. There is also the concern of money and securities that may be damaged or lost and things like malicious acts from employees and employee theft. It is a common misconception that these things are covered under property insurance in the UK and many unfortunate companies have found this out after is was too late. Business assets like stock prices and business equipment like computers and office furniture are all vital to the operation but may not be specifically named in a policy. Having to replace these items on top of cost of repairs can put a company out of business in no time at all.

With all the risks out there and the maze of policy details, knowing what your protected from and for how much can be a bit confusing. While there are legal requirements for basic types of coverage in the UK, it is best not to chance carrying the bare minimum required by law. The best approach is to consult a registered insurer and together you can assess your unique situation. Working with a provider will help you determine what your risks are and even how to take steps to reduce them. Most providers will even adjust rates and payouts accordingly for systems like fire suppression, information back up and security depending on the situation.

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