Standard business insurance

There are various sections of insurance availible under a standard Business Insurance Policy and depending on the nature of your business would depend which of these sections of insurance would be applicable to you.

Policy Section

Brief Description of Cover Afforded

Benchmarked Limit of Indemnity

Fire

Damage to the whole or part of the property described in the schedule, owned by you the insured or for which you are responsible, including alterations by yourself as tenants to the buildings and structure, by fire, thunderbolt or lightning, explosions, storm, wind, water, hail or snow, aircraft and other aerial devices or articles dropped there from, impact, trees, aerials, satellite dishes or vehicles, malicious damage

Replacement value including VAT

Buildings Combined

Damage by the perils described in the Fire Section and including:

● Loss of Rent up to a maximum of 25{b5668dc27e2e269465f592ee52b09eb9101efc3bc95fbe5675c7aeb6110bda01} of the insured amount;

● Legal Liability;

● Theft accompanied by forcible and violent entry into or exit from the building

Full replacement value including VAT

Office Contents

Loss of or damage to the office contents (excluding Computer Equipment) unless otherwise stated in the schedule, as per the perils under the Fire section, including:

● Theft or any attempt thereof;

● Loss of Rent up to 25{b5668dc27e2e269465f592ee52b09eb9101efc3bc95fbe5675c7aeb6110bda01} of the insured amount;

● Loss of or damage to Documents;

Full replacement value including VAT

Business Interruption

Financial loss following interruption of or interference with the business in consequence of damage occurring during the period of insurance at the premises in respect of which payment has been made or liability admitted under (i) the Fire Section (ii) the Buildings Combined Section (iii) the Office Contents Section (iv) and other material damage insurance covering the interest of the insured, but only in respect of perils insured under the Fire Section hereof

Insurable Gross Profit making provision for turnover growth during the insurance and reinstatement periods

Accounts Receivable

Loss of or damage as a result of accident or misfortune to your books of account or other business books or records at the premises, in consequence whereof you are unable to trace or establish the outstanding debit balances in whole or part due to you.

Estimated maximum amount of debtors book at any one time

Theft

Loss of or damage to all contents of any insured building at your premises described in the schedule as a result of theft accompanied by forcible and violent entry into, or exit from such building or any attempt thereat or as a result of theft, or any attempt thereat, following violence or threat of violence. Cover is on a first loss basis

– average does not apply.

First Loss

Money	Loss of or damage to money at your premises or in transit to and from the bank. Money stored in a locked safe at night is limited to a value depending on the category of the safe. Please consult with us for further details.	First Loss
Glass	Loss of or damage to internal and external glass (including mirrors), signwriting and treatment thereon at your premises as stated in the schedule, the property of yourself or for which you are responsible	Full replacement value including VAT
Fidelity / Commercial Crime	Loss of money and / or property belonging to yourself or for which you are responsible stolen by an employee during the currency of this section
Goods in Transit	Loss of damage to the whole or part of the property described in the schedule, owned by yourself or for which you are responsible, in the course of transit by the means of conveyance or other means incidental thereto and caused by any accident or misfortune not otherwise excluded.	Maximum any one load taking into account the basis of valuation
Business All Risks	Loss of or damage to the whole or part of the property described in the schedule while anywhere in the world by any accident or misfortune not otherwise excluded provided that you shall be responsible for the first amount payable stated in the schedule in respect of each and every event except a claim resulting from fire, lightning or explosion	Full replacement value including VAT
Accidental Damage	Accidental physical loss of or damage to the insured’s property at or about the premises not otherwise insured or for which insurance is available	First Loss
Liability (your Liability cover is issued on a separate policy with Leppard)	Damages for which you the insured shall become legally liable to pay consequent upon accidental death of or bodily injury to or illness of any person, or accidental loss of or damage to tangible property occurring within the territorial limits during the period of insurance in the course of or in connection with the business.
Employers Liability	Damage which the insured shall be legally liable for following death of or bodily injury to or illness of any person employed under a contract of service or apprenticeship with the insured which occurred in the course of and in connection with such person’s employment by the insured.
Personal Accidental & Stated Benefits	Bodily injury caused by accidental, violent, external and visible means to any principal, partner, director or employee of the insured specified in the schedule.
Motor	Loss of or damage to any vehicle described in the schedule and its accessories and spare parts whilst thereon, including liability occurred towards third parties	Retail Value
Motor Car Hire/Loss of Use	Car Hire is provided for no more than 30 days in the event of the insured vehicle being stolen, written off or damaged in an accident	Up to Max days/amount as specified in the Policy wording

Electronic Equipment	Physical loss of or damage to the property insured as described in the schedule from any cause not hereinafter excluded whilst at work or at rest anywhere within your premises as specified; in transit including loading and unloading or whilst temporarily stored at any premises en route or temporarily removed from your premises to any other location	Full replacement value including VAT
Motor Traders – Internal Risks	Loss of or damage to vehicles (not owned by the Insured) whilst on the Insured Property as described in the schedule, including liability to a third party	Retail value
Motor Traders – External Risks	Loss of or damage to vehicles (not owned by the Insured) whilst in the course of a journey including liability to a third party	Retail value
Machinery Breakdown	Any unforeseen, visible loss of or damage to equipment as described in the schedule by an incident stated and not otherwise excluded while on your premises, but excluding any loss of or damage caused by an incident covered under the Fire and Theft sections.	Full replacement value including VAT
Machinery Breakdown – Business Interruption	Financial loss following interruption of or interference with the business in consequence of damage occurring during the period of insurance at the premises in respect of which payment has been made or liability admitted with regards to the Machinery Breakdown section.	Per Business Interruption above, but specifically listed for specific machinery
SASRIA	Loss of or damage to the insured property as a direct result of Rioting, Strike or Public Disorder.	Per underlying policy – consider Standing Charges

*Policy Section*	*Brief Description of Cover Afforded*	*Benchmarked Limit of Indemnity*
Directors & Officers Liability	Damages for which you the insured shall become legally liable to pay as a result of any act or omission of an employee acting in their capacity as Director or Officer. Legal Defense Costs are included
Contractors All Risks and Contractors Liability	Loss of or damage to (a) the Contract works whilst in transit, in storage or on the contract site and (b) accidental death, bodily injury, illness or disease and / or accidental tangible loss to tangible property arising directly out of the performance of the insured contract
Marine you have a separate policy with Old Mutual Insure	Loss of or damage to goods whilst being imported, exported or temporarily being stored whilst part of a marine voyage	Replacement value depending on the basis of valuation
Professional Indemnity	Covers legal costs and expenses incurred in your defense, as well as any damages or cost that may be awarded, if you are alleged to provided inadequate advice, services or designs that cause your client to lose money.

Consideration should also be made for (where applicable):

Any property in the open which has not been specified or advised to insurers (stock, plant, signage etc)
Sprinkler leakage – accidental discharge or leakage of sprinkler systems in the building occupied
Non-standard construction such as shade cloth, thatch, iron or wooden structures
Specialised Liability covers such as Product Recall, Product Guarantee, Inefficacy, Professional Indemnity & Employment Practices

At SMB Insurance Brokers CC we conduct a through Needs anaylsis based on the nature of your business which then allows us to provide the corrcect advice in terms of what sections of cover mentioned above would be applicable to your business.

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