Is your Business Personal Property insurance adequate?
It happens more often than one might think: a business owner is faced with something like a fire, and they pull out their insurance policy that they got when they signed their lease. They call the insurance company to file a claim, and are floored when they learn that theirs is a Liability policy, with no coverage for property!
Commercial property insurance (not to be confused with liability insurance) is a special type of insurance that covers the company building as well as the contents owned by the company. This coverage makes sense for just about any kind of business, as long as it has physical assets that need to be protected. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers. The idea is for your business to be able to recover quickly after suffering property damage or loss.
The importance of protecting your business assets with a comprehensive commercial property insurance cannot be overstated. You should get a realistic estimate of the kind of coverage you need in consultation with your insurance broker and by doing some basic market research.
Under the liability policy coverage, the building should be protected from damaging events such as fire, burglary and vandalism. It may not be enough to cover just the building; the aftermath of such damage should be covered as well.
For many businesses this policy will provide coverage on a physical building. However, the coverage can also extend to other types of business property, including physical copies of company records which are often stored onsite. All costs related to the business property can be covered. The cost of rebuilding after a building has been destroyed, or the cost of replacing property that has been completely lost are common coverage areas.
Financial Blind Spot will help you find the best coverage possible for your business!