General property insurance will help you cover costs for repairs or replacements of tools or equipment that have been damaged (accidental damage) or stolen. This could be because of theft, storm or fire.
Not having these tools of trade could result in loss of income due to the inability to work. This is why having general property insurance is necessary for any business that needs tools and equipment to continue operating.
When you purchasing property insurance, it usually comes with an option to add supplementary insurances. Property insurance has its limitations and its protection is limited to business equipment and tools of trade and having these other insurance policies will help create coverage that will protect your business all around. So, what can be added with your general property insurance package?
Public Liability Insurance – one of the most important types of insurance that will cover your legal liability with respect to personal injury or property damage happening in connection with your business operation or services.
Professional Liability Insurance – this policy is also known as the error and commissions (E&O) insurance will cover businesses from claims of negligence or breach of duty in providing professional services or advice.
Product Liability Insurance – this business insurance policy protects your business against claims by third parties for property damage or personal injury caused by products you supply, manufacture, import or install.
Who needs this type of general insurance? Almost all or every type of business that requires work tools, items and other tools of trade to operate properly need it. Some industries that should have this cover are:
The cost to repair, replace, or pay you the cost of the damaged item.
Australia wide cover (or sometimes worldwide protection) for.
Insurance cover for damage to unspecified items, however, whilst this will vary between various insurers it is normally up to $2,500.
It will depend on the type of equipment and the total value of the equipment that you required to be covered. FD Beck will find you options and compare coverage.