Property & Material Damage Insurance

Property and material damage insurance protects your business assets, including your premises, stock, plant, machinery, and contents, against physical loss or damage caused by events such as fire, flood, theft, and accidental damage. At Wentworth Alexander, we tailor cover to the specific risks your business faces, ensuring you are protected without paying for cover you don’t need.

A property and material damage insurance policy can cover your business premises (whether owned or leased), stock and goods in trade, office contents and equipment, plant and machinery, and money on the premises. Cover can also be extended to include business interruption, so that if damage forces you to close temporarily, your loss of income is protected too.

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.

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.

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.

Property and material damage insurance is not a legal requirement for most businesses. However, if you lease your commercial premises, your landlord may require you to hold buildings insurance as a condition of the lease. Even where it is not legally required, the financial consequences of an uninsured fire, flood, or theft can be severe, which is why most businesses treat it as an essential part of their risk management.

Flood damage can be included in a property and material damage insurance policy, though cover may be subject to certain conditions depending on the location of your premises and its flood risk history. At Wentworth Alexander, we work with a panel of specialist insurers to find flood cover where it is needed, and we will always be transparent about the terms and exclusions that apply.

Yes. If your business operates from more than one site, such as multiple warehouses, offices, or retail premises, we can arrange a single policy that provides cover across all locations. A combined or multi-site policy is usually more cost-effective and straightforward to manage than holding separate policies for each property.

Business interruption insurance covers the loss of income and additional costs your business incurs if it cannot operate normally following an insured event, such as a fire or flood. It works hand in hand with property and material damage insurance: while the property policy pays to repair or replace what is damaged, business interruption cover helps keep your business financially stable during the period it takes to recover. For most businesses, holding both together is strongly recommended.

Most property policies include an average clause. If your sum insured is lower than the true value, a claim can be reduced in proportion, even for partial damage. Regular rebuild valuations help avoid this.

Insure for the full cost of rebuilding, including demolition, professional fees and debris removal, not the market value. A professional reinstatement valuation every few years is recommended.

Cover is often restricted once premises are unoccupied for more than 30 or 60 days. Tell us if a building will be empty, as insurers may require inspections or reduce cover.

It lets you insure buildings for their value on the first day of the policy, with an agreed uplift for inflation during rebuilding. It protects against rising build costs without paying for a higher sum insured all year.

Contact the Wentworth Alexander team directly by phone on 01604 904 001 or by email at hello@waib.co.uk. One of our experienced brokers will discuss your premises, the nature of your business, and the assets you need to protect, then put together a bespoke insurance package designed around your specific requirements.