Risks Are Real

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The primary essence of insurance is to make the policyholder or his dependents financially stable even after a loss be it life, heath or a belongings. Policyholders are charged a small fee known as premium to guarantee the insurance company will bear the load of unexpected and uncertain loss occurring in future. This principle of insurance becomes more and more pertinent when it comes to businesses, assets and properties as it guards against unexpected losses. Property insurance is also working in the same process.

A property insurance policy is an umbrella coverage that gives monetary compensation to the proprietor or renter of a structure and its contents within the event of damage or theft. It is important to buy a property insurance for the same purpose as you need to insure your health, car and any other costly objects. Any loss or harm to your assets should have each emotional and financial effects. But, if you have the proper property coverage policy, it would be possible to mitigate the monetary loss.

Traders in Kisenyi market are counting loses after fire gutted over 20 shops and items worth millions of shillings. (January 16, 2017, Uganda.)

Risks Are Real

• Business interruption
• Fire, theft
• Damage to buildings and special equipment
• Loss of Income
• Delays in income
• Product contamination
• Damage to reputation
• Building code issues

What is Included?

Property insurance policy will provide coverage for your machinery, tools, fixtures, and any other equipment you are using to conduct business. It is important that your insurance provider is informed of the implements inside your building and that you also can have the value of these possessions in the events of any misfortune.

What BS insurance covered under property insurance are: 

Fire (Dwellings & Shops), Fire Industrial, Business Interruption (Fire & Machinery), Industrial All Risk, Package Policies – Shopkeeper, House Holder, Office Package, Small & Medium Business Package, School Package Insurance.

Explanation of Coverage

Coverage is provided in opposition to what we called specified perils and open perils. A specified peril is one that is stated by name, and these can include things like: fire, vandalism, and damage by windstorms, and you can add specific things to your policy that you want to be protected. You can also be safe by open perils coverage, and this will include anything that has not been specifically included, for example, flooding and earthquake.

Reasons to buy property insurance

  • Natural perils can strike anytime
Natural calamities, like flood, earthquake, cyclone, etc.; are the reality of today’s life. Can you stop an earthquake from causing severe damages to your factory? You can’t control the nature’s bout, and therefore, it is good to purchase a property insurance plan to get protect against all sorts of natural perils.
  • Man-made risks 
Many times, even coolest security tools and equipment fail to secure your property. As a result, man-made threats like terrorism, strike, fire, thefts, etc.; can rise. By getting property insurance policy, you would be able to get complete protection against theft, burglary, etc.
  • Business loss 
If you would have to face heavy losses due to the breakdown of your machinery, in such a case, if you have an office insurance policy, you would be able to get a compensation against the business loss you have faced.
  • Accidental damages 
Office equipment like furniture, appliances, etc.; can cost a lot if you put them together. Hence, getting content insurance is necessary to get financial coverage in case of any loss or damage. This coverage helps in encouraging and expanding your business unit.

A property insurance would not offer coverage if there is:

  • Willful destruction of your property
  • Losses or damages due to wear and tear, war, invasion, etc.
  • Losses which happen due to electrical fluctuations
  • Seepage
  • Mechanical/Electrical breakdown
  • Damages arise due to defective construction
  • Loss or damage which arises due to nuclear activity
  • Loss or damage which happens to the stock in cold storage due to change in temperature
  • Pollution
  • Loss or damage of property/office equipment which arises when you are engaged in unlawful       activities
  • Landslide/earthquake

Why BS 

When it comes to managing your property, there is nothing better than having a broker agency with a deep understanding of your risks, the market, and the qualifications to design a program to meet your needs.  At BS Insurance Our main focus is always to design a property program that addresses your current and future risks.
You can have your commercial property insurance needs met when you speak to the friendly and knowledgeable agents of BS Insurance. The agency has experience serving the residents of Commerce, GA, and you can call or stop by the office to get a commercial property insurance quote today.
If, you have any questions about general insurance, please visit our office at P.O. Box 75578, Plot 95/A, 6th Street, Industrial Area, Kampala, Uganda or you can call us on +256 759 07 97 79 / +256 700 20 20 50. In case, you don’t get an answer immediately, we’ll get back to you as soon as possible with the best solution.
For general enquiries send an email to: 
info@bsinsurance.org 
ceo@bsinsurance.org
md@bsinsurance.org

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