Before committing to an insurance policy, think about:

What is and what is not covered – read the small print carefully.

Whether the level of cover is sufficient given current replacement costs at current values. If this is difficult to work out, consult a valuer.

Date of commencement – is there a qualifying or waiting period or is cover immediate?

The conditions of insurance – what activities of the business are included in the policy?

Claims procedures – are they straightforward and timely?

Terms of a replacement policy – is the upper limit on payout adequate?

Renewal conditions – can increased valuations be built into the policy?

Compare policies – get more than one quote to compare premiums, excess payments and no claim bonuses.