Property insurance only covers the physical building, so you will also need separate insurance cover for stock, machinery and contents. You have the choice of either replacement as new insurance or indemnity insurance.
Many business owners choose indemnity cover, which deducts the cost of any wear and tear when settling an insurance claim. Contents are also covered against theft, providing there has been forcible and violent entry to, or exit from, the business premises. See protect your business against crime.
You can also choose a business interruption policy that insures against loss of profit and higher overheads resulting, for example, from damaged machinery.
Seeking advice on business insurance
To decide on the appropriate level of cover it's a good idea to seek professional advice from a regulated insurance company or broker. Insurance brokers, advisers and other insurance intermediaries are regulated by the Financial Conduct Authority (FCA) and you should make sure that your adviser has FCA authorisation. Find insurance through the British Insurance Brokers' Association.
If you choose to deal directly with an insurer, it's worthwhile checking that they are a member of the Association of British Insurers (ABI).