It is essential to ensure all insurance policies for any business are up to date and set at the value of the goods/services to be protected. If a business is operated from premises out in the sticks, or a country mile from safety of being visible, then all sorts of additional precautions need to be in place. CCTV and other recording devices will need to be very safely and securely installed. 24 hour protection from security and protection personnel may be necessary if in a difficult area regarding violence or break-ins. The buildings insurance cover needs to be seriously robust as any under valuation will not get paid out if something untowards does occur. If someone only rents space within another property, then their landlord is entirely responsible for buildings cover but this will mean that the tenant will need to have robust and substantial contents insurance. Usually wear and tear is not taken into account and cannot be considered a reason for damage to anything but an indemnity policy will be taken into account if something is bought for the business in say 2019 at value £1300 but in 2025 is now only £500 value, it will pay out the lower figure in the case of a legitimate claim. Of course a luxury item might be considered such as replacement as new, so that should something ghastly occur that damages substantial equipment, it will be paid out on a replacement as new basis. The policy premiums are more costly of course but worth the peace of mind in some circumstances.
Additional cover that may also be worth a consideration is business interruption insurance which as it suggests, will pay out in legitimate claims where it has been impossible to carry out the normal business activity as a result of an event causing damage to property and or equiment. It might be offered as an add on when conventional insurance is purchased and will pay out shortfalls in pre-tax profits resulting from that event. Other increased costs resulting from the event, such as accountants fees over and above the norm, will also be payable.