What you need to know about business property insurance
A complete business property insurance plan is one of the smartest investments you can make in your business. It protects the costly, physical assets of your company such as the building, its contents and any outdoor fixtures such as signs and fencing.
Savvy business owners know that a fire or severe windstorm can shut down a business for an extended period of time, often leading to a permanent closure. But with a comprehensive business properties insurance plan, you’ve got support and financial assistance to help you recover quickly.
Understanding the basics
Commercial property insurance plans vary from policy to policy, but are essentially categorized by the type of event leading to a loss, and by what specifically is insured.
Basic property insurance usually covers losses caused by fires or explosions, theft, damage from vehicles or airplanes or acts of vandalism. Additional coverage can be added for earthquakes and breakage of glass.
The essential items to insure in a business property insurance plan include your building, office equipment, inventory and outdoor items on the premises.
Before you meet with an agent, it helps to take inventory of your business. You’ll need to determine what property you want to insure, what its replacement value would be and if it’s worth insuring.
The property you might insure could include: