At present, businesses nationwide face various risks to their assets that can be mitigated with the right insurance policy. These risks can stem from losses associated with natural disasters, theft, cyber-attacks, machinery breakdowns, and more. 

Having a reliable asset insurance policy can provide businesses with a vital tool to protect both their tangible and intangible possessions. Without appropriate insurance, businesses would have to bear the entire cost of replacing or repairing their assets in the event of the unexpected. 

Likewise, asset insurance is a requirement for many lenders before they will provide a loan. This is to protect the loan if the borrower defaults. Therefore, it not only safeguards the business’s well-being but also improves their credibility. 

Types of Asset Insurance 

The following are some of the most common insurance options for businesses: 

• Property insurance, which covers damage or loss to buildings and other physical assets due to events like natural disasters, fire, and theft. 
• Building and contents insurance is a similar type of insurance to property insurance that covers damage or loss from events including fire, storms or break-ins.
• Equipment insurance, which covers damage or loss to equipment used for business operations. 
• Commercial vehicle insurance, which covers damage or loss to vehicles used for business purposes.
• Business interruption insurance, which covers lost revenue and operating expenses due to a disruption in operations caused by an unexpected event.
• Cyber liability insurance, which covers losses or damages caused by cyber-attacks and other cyber threats.
• Key person insurance, which covers loss of revenue or profits due to the death, illness, or disability of a key employee.
• Deterioration of stock insurance, which covers lost stock in cold storage after a fridge or freezer breaks down.
• Goods in transit insurance, which covers loss or damage to items during transport.
• Electronic equipment insurance, which covers electronic items from breakdown, loss or damage while at a specific location.
• Portable equipment insurance, which covers loss, damage or theft of tools and electrical equipment taken on a job.
• Burglary insurance, which covers losses, damages and associated costs from a break-in or theft.
• Farm insurance covers crops, livestock, buildings and machinery.

The selection of appropriate asset insurance for your business is crucial and necessitates careful evaluation of your specific requirements and potential risks. Although you might not need every type of insurance listed above, it’s likely that you’ll need a combination of several.

Steps to Choosing the Right Asset Insurance 

As a business, choosing the right type of asset insurance is a critical decision. Here are some steps that will guide you towards selecting the best asset insurance policy for your business needs. 

1. Start by conducting a risk assessment to identify potential hazards that may affect your assets. This could include environmental risks such as fires or natural disasters and even safety risks such as thefts and cyber attacks. 
2. Next, determine the value of your assets. This includes physical assets as well as intangible assets, to ensure you choose an insurance plan with adequate coverage. 
3. Then, you should undertake comprehensive research into the range of providers and plans to find one that will meet your exact needs. It’s important to consider their experience, reputations, and financial stability so that you can be assured of their reliability on offering the right type of coverage for your business assets. 
4. Make sure to carefully review the terms and conditions of your policy before signing on to it. This is to ensure that it meets your specific needs, including clearly outlining exclusions, deductibles, and coverage limitations. 
5. Last but not least, it is advisable to seek the professional advice of insurance brokers to help in navigating the complexities involved. Brokers can provide guidance on the types of coverage that may be appropriate for your specific situation and industry. 

Let Morgan Insurance Brokers Help

If your business is looking to invest in insurance to protect its assets, contact Morgan Insurance Brokers today. Our team can source the ideal insurance policy for your needs. With access to over 150 insurers and underwriting policies, we simplify the process and help you determine the best coverage for your business. 

Get ready to discover the peace of mind that comes with proper asset protection.