Content insurance for businesses
What is it?
Content insurance, commonly known as “Inhaltsversicherung” , is an insurance policy designed to protect the contents of your business against theft, damages, and loss. It is supposed to make sure that your business does not suffer substantial losses or might even need to close in the event of e.g. a fire breaking out.
It can be described as the business equivalent of the household insurance, covering everything in your business including the furniture, goods & storage, electronics, etc. It can also be used to cover a furnished apartment that you are renting out, in case you want to make sure that what you provided your tennant with is well secured.
What are the benefits?
The features of content insurance plans are not standardized across the industry. This means you can often customize your coverage to fit your specific needs.
Over time however, a few standard pieces of coverage have emerged that are almost always included:
Theft protection:
- Coverage: his component covers loss or damage due to theft or burglary.
- What’s not covered: Items that were not properly secured or what is called “simple theft”, e.g. you simply leavings things outside for anyone to take.
Fire, water, hail & storm:
- Coverage: The main module of the content insurance, pays you money in case content gets damaged/destroyed due to fire, water damages, etc.
- What’s not covered: The devil can lie in the detail, for example gradual damages that occur over a longer period of time are usually not covered.
Additionally, there are a range of benefits that may be included and whether or not they are relevant, depends on you and your business. The most important ones are:
- Additional coverage for elemental damages, e.g. flooding, heavy rains, etc.
- Business interruption: Incredibly important piece of coverage, pays you your loss of earnings for the time you cannot operate your business due to an insured event. Think about a fire breaking out and you need to renovate for a longer period of time. The earnings you cannot make during that time, will then be paid to you by the insurance company.
- Unknown hazards: gives you an extra layer of protection, with this everything that is not explicitly named as not being covered by the insurance company, is automatically covered.
Insurance providers in Germany offer competitive rates, with discounts for bundled services and long-term contracts. Therefore, knowing what you want is important and we will help you to find the right carrier for you and your business.
Who is it for?
Content insurance is recommended to the vast majority of businesses, especially if you have a brick-and-mortar store. It can be the difference between a small setback and the end of your business and should therefore be at least considered by everyone that runs a business.
Premiums naturally depend on what kind of business you have, how much you want to insure and a few other factors but being a common insurance, rates are low and there are many carriers on the market.
Did you know?
~ 78%
Percentage of companies in Germany that have content insurance. [1]