The British Insurance Brokers' Association (Biba) has called on businesses in the UK to consider the level of insurance protection they require.

Steve Foulsham, technical services manager at the organisation, said that there are a number of types of cover that are regarded as "very important and almost essential".

"They are protection for the assets of the business - including contents and stock – and also the building if they own it or have a requirement to insure the building under a lease agreement," he explained.

Such a big asset should be covered by insurance policies, he added.

Additionally, firms ought to consider business interruption insurance to ensure that businesses can get back on track after experiencing damage or a loss to their premises, Mr Foulsham stated.

In 2006, the insurance industry paid out £64 million per day on general insurance claims, of which £5.8 million was paid out to businesses for property damage.

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