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What is Business Property Insurance?
Below are just a few of the important ways business property coverage can help you in the event of a loss. (Some coverages may not be available on all policies or in all states)
Note: This summary outlines in general terms the coverages afforded under some policies. Examine the policy carefully for any exclusions, limitations, or any other terms or conditions that may specifically affect coverage. The terms and conditions of the policy prevail.
Why do I need Business Property Insurance?
Even if you run a home-based business and have home insurance, you'll need to protect your business assets with separate contents and computer insurance; your home owner's policy probably will not cover business equipment.
Contents and computer insurance protects your business equipment from perils such as fire, storm damage or theft. To determine how much property or contents insurance you'll need, create an itemized list of your business' assets and their individual dollar values. Then decide which assets you actually want to insure and for what value.
In some cases, you may decide against insuring a particular asset, because it just doesn't warrant the cost of the premium. In other cases, the premium may be well worth paying.
Business property insurance coverage is typically packaged with additional coverages for property issued to you by a client that is temporarily in your custody and Business Interruption Insurance that pays for loss of earnings when operations are curtailed or suspended because of a covered property loss.
Figure out which insurance you need based on the language in your contracts.
Learn your risks, how insurance protects you, and what a typical policy costs.
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