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Business Property Insurance

UNITED’s Business Property Insurance is a comprehensive plan of protection to see you through the wide range of risks your operation faces every day. This all-inclusive policy is a good alternative to purchasing separate policies. Besides cover for the more frequent perils such as, fire, explosion, lightning and theft, this insurance also covers damage caused by storm, hurricane, rain, flooding, earthquake, vandalism and much more.

The UNITED Business Property coverage includes (but is not limited to):

• The Buildings
• Furniture, Fixtures and Fittings
• Machinery and Equipment
• Stock and Goods
• All other property owned and used in the business
• Materials furnished or arranged on property of others
• Tenants Improvement (optional)
• Business Interruption (optional)
• Loss of Rent (optional)

Extra Benefits

This insurance provides free additional coverage, 10% over and above the Sum Insured, for salvage costs, removal of debris and for transportation and storage of the insured assets.

Business Interruption

The UNITED Business Property Insurance can also be extended to include coverage for Business Interruption. This insurance compensates you for lost income due to damage that is covered under your property insurance policy, such as fire and storm. Business interruption insurance covers the profits you would have earned, based on your financial records, had the event not occurred. The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt. What is often termed the ‘indemnity period’ is probably the most crucial component of both business continuity planning and Business Interruption insurance. This focuses on the total time estimated to full recovery from an insured loss. The maximum indemnity period varies from 13, 26 to 52 weeks and must be determined before the policy goes into force.

Loss of Rent

Loss of rent covers you in the event that an insured event prevents you from collecting your rent. This particular cover is not available as a stand alone policy and is an optional extra under the UNITED Business Property Insurance. For example, loss of rent will cover you if there is a flood and the tenants have to move out for a month. The maximum indemnity period must be predetermined on the proposal form.