Protect Your Property. Protect Your Business.
Your building, machinery, stock, equipment and other physical assets are critical to your business. A fire, flood, natural catastrophe or other insured event can result in substantial financial loss and may disrupt your operations.
Property Insurance helps protect your business against financial losses arising from insured physical loss or damage to covered property, subject to the terms, conditions, exclusions, deductibles and limits of the policy.
At Insurance Man Consulting, we look beyond the premium. We help businesses understand what is covered, what is not covered, where the limits apply and how the policy is likely to respond at the time of a claim
Why is Property Insurance important?
A major property loss can affect much more than the building itself.
1. Protects your physical assets
Helps meet the cost of repairing or replacing insured property following an insured loss.
2. Protects business capital
A major fire or natural catastrophe can result in a significant unexpected financial burden.
3. Protects inventory
Businesses with substantial stocks can face significant losses following fire, flood or other insured events.
4. Supports business continuity
Property damage can interrupt operations. Appropriate extensions can help protect against the resulting financial impact.
5. Protects against catastrophic losses
Insurance transfers a potentially large and unpredictable property loss to the insurer, subject to policy terms.
What does Property Insurance cover?
The exact coverage depends on the policy and selected extensions. Common insured perils may include:
* Fire
* Lightning
* Explosion / implosion
* Storm, cyclone, typhoon and other specified natural perils
* Flood and inundation
* Earthquake, where opted for
* Impact damage
* Riot, strike and malicious damage, where covered
* Aircraft damage
* Bursting / overflowing of water tanks and pipes, where covered
* Subsidence and landslide, where covered
* Other extensions available under the applicable policy
What can be insured?
Depending on the nature of your business and policy structure, coverage can be arranged for:
* Buildings & structures
* Plant & machinery
* Furniture, fixtures and fittings
* Electrical installations
* Office equipment
* Computers and electronic equipment
* Stock and inventory
* Raw materials
* Finished goods
* Goods in process
* Other business contents
* External structures and specified assets, where covered
Who Should Consider Property Insurance?
Property Insurance can be relevant to businesses with significant physical assets, including:
* Manufacturing companies
* Factories
* Warehouses
* IT and technology companies
* Corporate offices
* Hotels and resorts
* Hospitals and healthcare facilities
* Educational institutions
* Retail establishments
* Restaurants
* Logistics and distribution companies
* Commercial property owners
* Businesses operating from leased premises.
Important Property Insurance Extensions
Your property risk may extend beyond physical damage to your building or assets.
Depending on your business requirements, additional covers may need to be considered.
Business Interruption / Loss of Profit
What happens if your factory or premises is damaged and you cannot operate normally?
Business Interruption / Loss of Profit coverage can help address certain financial losses resulting from an insured interruption, including eligible loss of profit and increased cost of working, subject to the applicable policy terms and selected cover.
Machinery Breakdown
Machinery Breakdown Insurance can provide protection against certain sudden and unforeseen physical damage to insured machinery arising from machinery breakdown, subject to the policy terms.
Electronic Equipment Insurance
This can provide protection for specified electronic equipment against covered accidental physical loss or damage, subject to the applicable policy.
Burglary Insurance
Businesses may also consider separate or additional protection for specified losses arising from burglary and related insured events.
What are the major exclusions?
Property policies contain important exclusions. Common exclusions or limitations may include:
* Wear and tear
* Gradual deterioration
* Mechanical or electrical breakdown unless specifically covered
* Consequential losses unless specifically insured
* Intentional damage
* Certain acts of war and nuclear risks
* Uninsured perils
* Losses falling within applicable deductibles
* Underinsurance-related reduction in claim settlement
* Certain types of water damage depending on the circumstances and policy
* Damage arising from excluded causes
* Loss or damage to property not declared or not covered under the policy
The exclusions vary according to the policy and coverage selected. Always review the complete policy wording before relying on a particular coverage.
Protect your building, machinery, stock and business assets with the right Property Insurance. Get expert advice on coverage, exclusions, underinsurance and claims.
7 Things Businesses Should Check Before Buying Property Insurance
1. Is Your Sum Insured Adequate?
Underestimating the value of your assets can create a significant problem at the time of a claim.
2. Have You Considered Underinsurance?
If the value declared to the insurer is lower than the actual value at risk, the claim settlement may be affected depending on the policy terms.
3. Are All Your Assets Properly Covered?
Review your buildings, machinery, stock, equipment, furniture, fixtures and other important assets.
4. Have You Considered Business Interruption?
The physical damage may be only the beginning of your financial loss. Consider what happens to your business income if operations are interrupted.
5. Do You Understand Your Deductibles?
A deductible is the portion of an eligible loss that remains with the insured. The deductible should be evaluated against your business’s ability to absorb a loss.
6. Have You Reviewed Exclusions and Conditions?
A policy can appear comprehensive until its exclusions, conditions, warranties, deductibles and sub-limits are examined.
7. Is Your Policy Designed Around Your Actual Risk?
A factory, warehouse, hotel and corporate office do not have the same risk profile. Your insurance program should reflect the nature of your operations and assets.
Property Insurance Claims Support
A major property claim can involve significant documentation, assessment and coordination between the insured, insurer, surveyor and other stakeholders.
At Insurance Man Consulting, our claims advocacy approach can assist clients with:
* Claim intimation
* Understanding policy coverage
* Coordination with the insurer and surveyor
* Documentation requirements
* Claim documentation and submission
* Loss assessment coordination
* Follow-up during the claim process
* Clarification of policy terms
* Assistance with claim-related queries
Our objective is simple:
To help you understand your policy before a claim and support you when a claim occurs.
Why Choose Insurance Man Consulting?
We Look Beyond The Premium.
Property Insurance should not be evaluated only on the basis of price.
We help businesses examine:
Coverage → Limits → Exclusions → Deductibles → Conditions → Claims
Our approach is to understand your business risk, review the insurance coverage and identify potential gaps before they become problems.
Our philosophy
The value of insurance is not measured when you buy the policy. It is measured when you need to make a claim.
The value of insurance is not measured when you buy the policy. It is measured when you need to make a claim.
FAQs( Frequently Asked Questions) on property Insurance
1. What is Property Insurance?
Property Insurance provides financial protection against insured physical loss or damage to covered business property, subject to the policy terms, conditions, exclusions and limits.
2. What does Property Insurance cover?
Depending on the policy, Property Insurance can cover buildings, machinery, equipment, furniture, fixtures, stock and other insured business assets against specified perils.
3. Who needs Property Insurance?
Manufacturers, factories, warehouses, offices, hotels, retailers and other businesses with physical assets should consider Property Insurance based on their risk exposure.
4. Does Property Insurance cover fire and natural calamities?
Property Insurance can provide cover against insured perils such as fire, lightning and specified natural calamities. The exact coverage depends on the policy selected.
5. Does Property Insurance cover business interruption?
Business interruption is generally addressed through a separate or additional cover. It can help protect against certain financial losses resulting from an insured interruption, subject to policy terms.
6. What is underinsurance in Property Insurance?
Underinsurance occurs when the insured value is lower than the actual value at risk. Depending on the policy terms, this can affect the amount payable when a claim occurs.
7. Can Insurance Man Consulting help with Property Insurance claims?
Yes. Insurance Man Consulting can assist clients with claim intimation, documentation, coordination with the insurer and surveyor, follow-up and other claim-related support, subject to the agreed scope of services.
Can Insurance Man Consulting help with Property Insurance claims?
Yes. Insurance Man Consulting can assist clients with claim intimation, documentation, coordination with insurers and surveyors, follow-up and other claim-related support, subject to the agreed scope of services.
