Extra protection when you need it
Optional extras do exactly what they say on the tin – they’re optional covers that you can add to your standard business insurance to cover things that your policy might not have as standard.
Please note: optional extras are dependant on the occupation being insured.
For example, a business insurance policy won’t protect things like your tools or any business equipment (like your laptops or tablets) as standard. If you want these to be covered, you’ll need tools or business equipment insurance, respectively.
What optional extras do AXA have?
Business interruption
Business interruption is there to ensure that your business can open its doors again once any claims have been resolved. It covers things like paying wages and any loss of profits.
Contract works
Contract works is an optional extra that is only available to trades occupations. It will protect you if the new structure you're working on is destroyed or damaged before the job is completed. It covers the work and materials you’ve already put into the project meaning you can get back on track.
Legal expenses
Legal expenses protects you for various legal situations, such as employment and contract disputes, VAT and HMRC investigations etc. It can help with covering legal costs, such as hiring a lawyer to take claims to court, compensation costs, contract disputes etc.
Please note: there are a set of rules and protocols that must be followed when it comes to legal expenses claims.
Tools (own plant and hired in plant)
Tools insurance is an optional extra available to trades occupations. It comes in two types: own plant (tools that you own) and hired-in plant (tools you temporarily hire). Both cover you for theft or accidental damage and cover things such as handheld tools, portable equipment (such as laptops), constructional plant, site huts and caravans.
Stock insurance
Stock insurance covers the cost of repairing or replacing your stock if any of it gets stolen or accidentally damaged. You can also add cover for deterioration of stock if this is relevant to your occupation.
Stock cover is part of your contents insurance and can’t be purchased as a standalone cover.
It’s also important to note that you are covered for the cost of your stock, not for the retail price of the items.
Workshops
Workshop insurance is available to trades professions. It protects any contents you have stored within a workshop or office on your business premises. It’s best suited to smaller businesses storing tools and equipment on-site. It also covers any stock you have stored, and any fixtures and fittings.
Business equipment
Business equipment insurance is available to professional occupations. It covers the cost of replacing any equipment that’s been lost, stolen, or accidentally damaged. This cover is typically used for technology, e.g. laptops, computers, printers, tablets etc. But it also extends to any equipment that’s essential for the day to day running of your business.
Terrorism cover
Terrorism cover protects you for accidental damage or business interruption caused by acts of terrorism affecting the following areas: contents, buildings, business equipment and tools. If the damage all occurs within 72 hours, it will be considered one event, and you have the flexibility to choose when the 72-hour period starts. However, all the damage must take place during the policy period and no two 72-hour periods should overlap.
Please note: in order to take terrorism cover, you must have contents insurance.
Personal accident
Personal accident covers you (the business owner) and any business partners if you’re involved in a work accident that results in injury (temporary or long term), disability, or death.
Please note: you won’t be covered for injuries related to an existing condition, chronic illness or recurring health issues. You also won’t be covered for injuries relating to suicide, intentional self-harm, or insanity.
Goods in transit
Goods in Transit insurance (sometimes referred to as GIT insurance) is an optional extra to a business insurance policy. It protects your goods and contents that you have insured under your contents cover when they are being transported or delivered.
How do I add an optional extra?
There are two ways to add optional extras to your policy.
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The first, and easiest, way to add any of these optional extras is when you’re getting a policy. After you’ve entered the details of your business, you’ll be able to choose the covers that you want, including a list of optional covers.
You’ll see a small pop-up to the right of your screen showing the covers you’ve chosen. If you’ve added the cover successfully, it will show in the pop up like you see below.
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The second way is for those who didn’t add any optional extras when they got a quote, but want to add them now. For this, you can do a Mid-Term Adjustment (MTA) from your online account. Just log in to your account and make the change from there.
You’ll be asked to confirm some details about the business that you’ve given us previously, and then from there simply navigate through the journey until you reach the product selection page and make your changes.
Please note: optional extras come with an additional cost to your policy, so making an MTA will result in changes to your overall policy price.
Are there any conditions for the optional extras?
Yes – but only for certain covers.
- Optional extras are not sold as standalone covers — you must have at least one of our main products to add optional extras.
- Contract works cover is a specific cover that’s only relevant to construction-based policies.
- Workshops insurance is only available to trades occupations.
- Workshops insurance is also only available to those who take contents cover.
- Workshops insurance has a maximum sum insured figure of £50,000.
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