Property Insurance

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Overview

Property insurance could well be one of the most important coverages you buy when it comes to protecting the future of your business. Every business has assets and depending on the kind of business you have; these assets may represent a considerable investment. We all know that disaster can strike at any moment: fires, explosions, water damage from burst pipes, storms, among others, can cause severe destruction or damage to your property.

Property insurance includes a range of covers, which will be needed by businesses to protect their physical property, such as buildings, office equipment and furniture, to machinery and inventory, to the property of others that might be in your care.

It is crucial to ensure you’re fully covered for every eventuality. To get the right coverage, you need to talk to the experts at Edge. Coverage is available as a package or as individual coverages (e.g. – Property only).

Typical Covers Provided

Fire & Allied Perils Insurance
This insurance is designed to cover your properties against loss or damage caused by named perils, such as: Fire, Lighting, Impact Damage, Storm, Tempest, Flood, Earthquake, Riot, etc. up to the limit of the sum insured.

It is relatively rare to find this type of cover as a separate policy nowadays, in view of the wider covers that are readily available.

Property All Risks Insurance
A wider form of cover compared to standard Fire and Allied Perils policy. This is an “All Risks” policy to cover accidental, physical loss destruction or damage to the property insured, subject to specified exclusions. Extensions are available for enhancing the cover in terms of additional exposures, costs and expenses consequent to a loss.

Consequential Loss of Profit Insurance
The policy provides cover to protect your business against loss of gross profits or revenue due to a temporary interruption in the business, caused by an insured event under the material damage policy (Fire or Property All Risk policy)

We can tailor insurance solutions that suits your business requirements, so if things do go wrong you’ll be well-placed to minimize the financial impact and get back to business asap.

Contact us today for free quotes, from a panel of insurance providers, and to find out more about how to protect your property and assets.

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Frequently Asked Questions (FAQs)

Quickly find out if we’ve already addressed your query.

Why use an insurance broker like Edge?

Your business insurance needs will depend on several factors and understanding it all can be complex and time consuming. One thing you can’t afford is to put your business at risk by choosing the wrong type of insurance. A professional Insurance Broker like Edge has the knowledge and expertise to identify what the most appropriate cover is for your needs and will take the time to explore and explain your options to you. Not only do we ease the stress and deliver peace of mind, but we find you the most appropriate cover at the right price. We provide guidance when you need it and we accurately present your risk, understand your needs, as well as study the market, the covers available, the differences between the insurance providers, and what the implications of those differences are for you. We also deal with your claims on your behalf.

Why do I need Property Insurance for my Business?

To keep your business running smoothly you rely on having its physical assets protected, such as the building, equipment, inventory and stock, tools, business income and rental income. A Property Insurance policy protects your assets from damage or destruction.

What can I get protected against with Property Insurance?

If you own your premises, you can protect the building against: Fire, lightning, explosion, and earthquake Storm or flood Escape of water Damage caused by theft or attempted theft Accidental damage Riot, strikes, and malicious damage Impact by aircraft or vehicle

What could happen if I don’t have the right coverage in place for my business?

What additional coverage should I consider when purchasing insurance for my business?

Each business will have different risk exposures to consider. Be sure to speak with an Edge advisor who can provide you with consultative advice and customize an insurance policy or a package policy that is right for your business. Below are a few examples of standard coverages to consider as you review your insurance needs: Motor Fleet – provides coverage for your commercial vehicles that are used to run your business operations. Liability insurance – provides cover for your legal liability to the public and your employees which may arise from your business Professional liability—also known as Errors and Omissions (E&O), provides a form of liability coverage designed to protect your professional advice and service companies

How to arrive at insurance values?

Valuation is very important under any insurance contract. If you under-insure, you might be in for an unpleasant surprise if you ever need to make a claim. If you over-insure, then you only end up paying premiums on higher valuations. Your physical assets should generally be valued at reinstatement cost, which means new for old. Stocks are generally valued at cost. As a general practice, you should revalue your assets every three years in order to ensure that your valuations reflect your risk. Take inventory of your stock and estimate the average value of it on any given week.

What do I do if I have to make a claim on my insurance policy?

If your property has been damaged or destroyed, you are likely to feel overwhelmed by the loss and by the repair, replacement and recovery process that lies ahead. If you are insured with Edge, rest assured, we will take the lead to help you manage your insurance claim from initial notification to the insurer until final settlement, ensuring that claims are settled promptly, fairly and in accordance with the provisions of the applicable insurance policy. We will negotiate with the insurer on your behalf to get the maximum benefits you are entitled to under the policy.

What coverage does your business need?

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