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Why Having Business All Risks Cover Just Makes Sense

Published on: 19 June 2015

So you ask yourself; “Why do I need All Risks cover?” Well it really has to do with the fact that it is the most comprehensive type of insurance cover available. When looking at a personal insurance policy and comparing it to the exposure of your business, it begins to make even more sense to purchase this type of insurance.

Personal All Risks Cover vs Business All Risks Cover

With a personal policy, the rule of thumb is that any items carried away from your home would usually conform to the type of items insured under such a policy. The clothing you wear, devices such as mobile phones and laptops along with jewellery.

These types of objects can also be insured under a business insurance policy, but the range of items that can be covered is so much wider.

Did You Think Of Insuring This?

You may think of insuring your company laptops or mobile phones, but if you own a catering company, have you realised that the items you carry with you to perform your service at a client’s premises are not covered under a standard office contents policy?

As soon as you are no longer within the building at the insured address, you will have no cover. This means that you should be insuring your bain maries, utensils and the crockery that is taken to outbound functions under an All Risks policy. Plumbers and electricians often carry tools or devices such as flow meters or amp meters with them.

Replacing these items could attract  large costs, but the All Risks policy is the perfect protection against loss.

Additional Benefits

Not only does the All Risks policy offer you cover for your insured items away from your business address, you are also covered worldwide for a limited period.

An additional exposure is also covered, one not usually found under most sections of your business insurance policy, namely accidental damage. Imagine crawling through a tight space only to find that a handheld electronic device that you had in your pocket has been crushed. This is exactly what the purpose of the All Risks policy is, to ensure that you can replace the items that were damaged accidentally in the course of you performing your work.

MiWay Business Insurance has extended the products that we offer which means that you can add All Risks cover to your policy when insuring your business's vehicles, goods in transit or trailers.