Do you find yourself carrying your business tools and equipment with you outside of your depot or office? If so, it’s important to consider whether they are covered when you are away from your primary business location.
General Property cover can provide you with the protection you need for your items even when they are not at business premises. This means you don’t have to worry about insuring them separately as contents under the business property section.
The General Property cover offers protection against various events, with theft from vehicles being a common area where claims are made. For example, trade utes are often broken into, resulting in stolen tools, laptops, and tablets. Fortunately, these losses are covered by the General Property policy. Moreover, this policy also covers accidental damage to your equipment. Recent claims have included scenarios such as a dropped laptop being replaced with a new one and a generator being damaged in a vehicle rollover and subsequently replaced by the insurer.
Listing High-Value Items
It’s important to note that there are limits per item under the General Property cover, typically around $3,000. To insure higher-value items, it’s recommended to list them on the policy to ensure they are covered for their full replacement value. Be sure to verify these values when compiling the list of items to be covered.
Record-Keeping for Insurance Purposes
Effective record-keeping is crucial when it comes to insurance claims. Insurers will require proof of ownership in the event of a theft or damage. This can include receipts of the items, photos of the items, repair invoices, or even the original packaging they came in.
If you believe that General Property cover could benefit you and your business, we encourage you to contact our office and speak with one of our brokers. They can provide you with more information and help you determine the best coverage options for your specific needs.