Industrial Special Risk Insurance
Industrial Special Risk Insurance is suitable for medium to large business that requires a diverse and broad cover, for a single or multiple locations of their business operation. It provides cover for a broad range of scenarios or loss to your property, assets, stock and business income ensuring that you are adequately covered and protected when you need it most.
Loss / Damage to Buildings, Plant, Machinery, Contents and Stock
This coverage protects your physical assets against a wide range of perils including fire, storm, impact damage, and malicious damage. It ensures that your valuable business assets are protected from unexpected events that could otherwise cause significant financial strain.
Loss of Profits, Business Interruption, Revenue, Rentals
This coverage provides financial protection when your business operations are interrupted due to a covered loss. It helps maintain your business’s financial stability by covering ongoing expenses and lost income while you recover from the incident, ensuring your business can survive through periods of disruption.
Burglary, Theft and Money
This coverage protects against financial losses resulting from theft, burglary or robbery, including theft of cash, securities, and other valuable items. It provides reassurance that your business can recover quickly from criminal activities without suffering devastating financial consequences.
Accidental Damage
This coverage extends protection to include damage caused by sudden and unexpected incidents that aren’t specifically excluded in the policy. This broader protection ensures your business has fewer coverage gaps and greater peace of mind against unforeseen accidents.
Removal of Debris
This coverage pays for the costs associated with cleaning up, removing, and disposing of debris following damage to your property from a covered loss. It ensures that your business can efficiently begin the restoration process without facing unexpected additional expenses.
Prevention of Access
This coverage protects your business when physical access to your premises is prevented due to damage to nearby properties or government orders. It helps maintain your business’s financial stability even when circumstances beyond your control prevent normal operations.
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What types of businesses typically need Industrial Special Risk Insurance?
Industrial Special Risk Insurance is typically suitable for medium to large businesses with significant assets, multiple locations, or complex operations. This includes manufacturing facilities, warehouses, large retailers, commercial property owners, Restaurants and businesses with specialised equipment or substantial inventory.
How does Industrial Special Risk Insurance differ from standard business insurance packages?
Industrial Special Risk Insurance offers broader and more flexible coverage than standard business packages. It provides tailored protection specific to your business needs, higher coverage limits, and often includes both material damage and business interruption in a single policy rather than requiring separate policies for each type of coverage.
Can the policy be customised for specific industry risks?
Yes, Industrial Special Risk Insurance policies are highly customisable and can be tailored to address specific risks in your industry. Insurers can modify coverage limits, add specialised endorsements, and include industry-specific protections based on a thorough risk assessment of your particular business operations.
How are claims assessed under an Industrial Special Risk policy?
Claims under an Industrial Special Risk policy typically involve a detailed assessment process. This includes inspection of the damage by loss adjusters, evaluation of business interruption impacts, and review of documentation supporting your claim. The comprehensive nature of the policy often means more complex but thorough claims evaluation to ensure fair compensation.
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Why work with Knightsbridge Insurance Group?
Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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