Material and property damage insurance covers your business against damage to your business premises, contents or stock.
When unexpected events strike, the damage to your property or materials can have a serious impact on your business – from costly repairs to delays in operations.
Property and material damage insurance helps protect your business assets by covering the cost of repairing or replacing buildings, equipment, and stock damaged by insured events such as fire, storm, or vandalism. No matter how careful you are, unforeseen damage can occur – and this coverage ensures your business can recover quickly and continue operating with confidence.
What Is Material and Property Damage Insurance?
Your business premises, equipment or stock are likely to be essential to your company. Material and property damage cover will essentially cover the cost to replace or repair damage caused by an insured event.
Whilst material and property damage cover can still be purchased in isolation, it is more typically found as a section of cover within a Commercial Combined policy, which, as the name suggests, combines many sections of insurance cover under a single policy.
What Is Covered Under Material and Property Damage Insurance?
Material and property damage insurance typically covers the following:
Buildings
If your businesses buildings are damaged or destroyed by an insured event such as a fire, flood, or accidental damage, material and property insurance helps to cover the cost of repairs and rebuilding.
Contents
It’s likely your business premises are home to vital contents and equipment that helps you run your business. Property and material insurance can cover these contents, so if they are damaged or stolen, you won’t have to pay out of pocket to replace them.
Stock
Loss of or damage to stock, work in progress and customers goods are also protected by property and material damage insurance.
Computers
Whilst computers may also fall under the category of contents, they are often separated out and given their own sum insured and rating as they are considered to be more theft attractive. A further item for computers, smart phones and tablets anywhere in the (UK, Europe or Worldwide) can also be included, giving you protection for your property away from your premises too.
Who Needs Material and Property Damage Insurance?
Any business that owns or leases property, whether that be the building itself or the stock, contents and equipment vital to the business’s trading activities.
Our clients include:
Key sectors
Automotive
Woodworking
Chemical
Electrical &
Electronics
Fashion & Footwear
Food & Drink
Plastics
Additive
Manufacturing
Metal
Fabrication
Creative/Digital
Agencies
Software Development
IT Service
Providers
How Wentworth Alexander Can Assist with Property & Material Damage Insurance
Here at Wentworth Alexander, we aim to make insurance straightforward for you. With over 250 years of combined experience among our team, we’re wholly focused on delivering bespoke solutions for our clients.
We know that no two businesses are the same, and so don’t fall back on a one-size-fits-all insurance policy. Instead, we take the time to understand your unique business needs, prioritising clarity and efficiency at every step.
To discover more about how we can help you find property and material damage for your business, get in touch with our friendly team today.
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Get in touch about your insurance
Our team is ready to help you find the right insurance solution. Speak to our specialists today to discuss your insurance needs.
Our team will be happy to help and provide you with the advice you need.
Redlands
Cliftonville
Northampton
NN1 5BE
Frequently Asked Questions about Property & Material Damage Insurance
Does Public Liability Insurance Cover Damage To Property?
Not to your own property, no. Public liability insurance covers damage to third party property caused as a result of your business operations; it doesn’t provide cover to your own property.
What Isn’t Covered Under Material & Property Damage Insurance?
There are several things that aren’t covered under property damage insurance, such as:
- Wear and tear that is caused by the normal ageing of machinery or property
- Uninsured events, such as terrorism or government confiscation
If you would like to discuss adding certain coverage, such as terrorism insurance, into your insurance, speak with one of our insurance specialists today.
How Much Does Property & Material Damage Insurance Cost?
The cost of property and material damage insurance can vary depending on factors including:
- The size of your business premises
- The reinstatement value of the property
- The location of the premises. For instance, whether it’s an area with a history of flooding.
- The security features of the premises, for example, any intruder alarm or CCTV installed.
- How much coverage you need
Larger properties may need a higher level of coverage, and therefore carry a higher price tag. For a tailored insurance quote, get in touch with Wentworth Alexander today.