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Sponsored Content

Are all your bases covered?

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Sponsored Content by Josh Reid
16 May 2022
Business
How quickly would your policy get you back up and running after a claim?
How quickly would your policy get you back up and running after a claim?

Your people may be your most valuable asset, but your production equipment could be your biggest liability – if you don’t have the right cover. BPIF Insurance Services’ Josh Reid offers guidance on what you need to need to know.

When your business relies on specialised machinery, it's critical that your insurance coverage matches the value of your equipment. With some pieces of equipment costing anywhere from £250,000 to more than £1 million – and often configured to your specific requirements – being underinsured and needing to make a claim may be disastrous for your business.

Continue reading for a fast guide to acquiring enough protection.

What is underinsurance?
If you're underinsured, the maximum amount you can receive in the case of a claim is less than the claim's potential value. Let's imagine the cost of replacing your printing equipment is £500,000, but your insurance policy only covers £250,000. This means you'll have a shortage if you need to claim, which could hurt your business.

Unfortunately, this is an all-too-common blunder. Many insurers have a maximum single article limit of roughly £250,000, and if you haven't noticed this on your policy or your broker hasn't informed you, you could be in danger if any of your critical machinery needs to be replaced due to an insured occurrence.

Check your limits
When you buy contents insurance for your business, make sure the claim limit is high enough to cover the cost of replacing your most expensive piece of equipment. If it isn't, your broker or insurer should be able to provide you with a higher limit so you can rest easy. Check what it would cost to restore your equipment in today's market, particularly in light of recent economic events like Brexit and the pandemic.

If you already have a policy and aren't sure if you have enough coverage, look over your policy to see what your upper limit is and whether any exclusions apply if you need to file a claim.

What about business interruption?
If you do need to file a claim, you should think about how long the procedure will take. Business interruption insurance is meant to help you while you wait for your new machinery to arrive, but make sure it covers you for enough time.

Your indemnity period is how long your business interruption insurance will pay out after a claim, and most companies choose a 12-month term. However, this may not be long enough in reality, causing you troubles down the road.

How long should my indemnity period be?
It's crucial to evaluate the stages of the procedure from the time you file your claim to the day you are back up and running. It will take some time to determine the reason for the claim and its value, after which you will need to acquire new machinery and possibly reconstruct your facilities, if the claim was caused by a fire, for example.

Because the lead time for sophisticated and specialised equipment to be constructed to order might take up to 12 months, a 12-month indemnity period may not be long enough to cover you for the entire time your business is affected. That's why, at BPIF Insurance Services, we recommend a minimum indemnity length of 24 months. We are happy to discuss longer terms depending on your needs.

We’ll help get you the right cover
It's always a good idea to double-check your current company insurance policy to ensure it's adequate for your needs. To restore your important printing machines, we recommend looking for larger contents cover limits and cross-referencing them with current costs. You can run your printing firm with the confidence that you're properly protected – and with your indemnity insurance providing you enough time to get you back on your feet.


To speak to one of our team members about your insurance needs, please call 033 0124 7237. Or for further information, visit www.britishprintinsurance.com

BPIF Insurance Services is a trading name of Aston Lark Limited. Authorised and regulated by the Financial Conduct Authority. Registered office: One Creechurch Place, London, EC3A 5AF. Aston Lark Limited is authorised and regulated by the Financial Conduct Authority, No. 307663.

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