Business Property Insurance
Commercial Property Insurance makes it so IT professionals (almost) never have to worry about what life would be like without their laptop, computer, tablet, or mobile device.
Property Insurance offers protection in case your gadgetry (or other company property) is…
- Damaged in a fire.
- Destroyed by certain weather events.
Of course, it's not just your technology. Office furniture, equipment, supplies, and buildings can all be covered with your Business Property Insurance. Nearly anything your business owns or rents can be insured.
Let's look at how this policy works for tech professionals and the best ways to save money on your coverage.
What Is Business Property Insurance?
Whether you’re a digital nomad working exclusively from your laptop or you run a webhosting company with a dozen servers humming through the night, your business has commercial property that it can insure with Business Property Insurance.
How? Here’s an example:
You're settling into a long day of coding at your favorite coworking space. All of a sudden, the odor of smoke stings your nostrils. Someone's burning popcorn in the kitchen. Normally, this is just minor annoyance. But today the smoke sets off the sprinklers, sending hundreds of gallons of water raining onto you and your coworkers.
Not only is your day shot, but your computer is ruined.
Fortunately, you have Commercial Property Insurance. Depending on the specifics of your policy, it might pay the price of replacing or repairing your laptop and even compensating you for income you lose during the time you’re unable to work. If you were using your own furniture, your policy could likely pay to replace it, too.
For a covered claim – fire, hail, windstorm, theft, and vandalism – your insurance can pay to replace your damaged property. If it’s a really bad incident and you have to shut down for weeks to clean up and repair, Property Insurance also typically comes with Business Interruption Insurance, which covers your lost income while your business is on pause.
Should IT Professionals Buy Commercial Property Insurance?
Many IT professionals work from home, which leads them to ask whether it’s really necessary to have Business Property Insurance if they already have a homeowner’s insurance policy.
The answer will vary from business to business. But there are a couple important things to consider:
- A homeowner’s insurance policy usually doesn’t cover any property owned by your business. If your work laptop is stolen from your home, your personal insurance might not cover it.
- Business Property Insurance can usually be added to your General Liability Insurance for a good price (more on that below). So there are ways to get your business property insured for little additional cost.
The lesson: if you work from home, don’t assume your homeowner’s insurance will cover your business and don’t assume that Property Insurance is out of your price range.
What Can Business Property Insurance Cover?
In our earlier example, a burning bag of popcorn set off the sprinklers and ruined your comptuer. That’s often how things go: something unpredictable ends up costing your business time and money.
Here are additional hypothetical Property Insurance claims that would likely be covered by your policy:
- Burglars smash the window of your computer repair store and snatch a couple of phones on display.
- Graffiti artists vandalize the sign outside your small software development office.
- A fire at an office next door spreads to your consulting firm. Though you didn't start the fire (queue up Billy Joel), you'll have to replace your charred computers, electronics, and business property.
- A windstorm tears the roof off your office. Rain pours in overnight, turning your laptop, printer, and tablets into glorified paperweights.
Property Insurance protects your business from these and other events you simply can’t plan for.
How to Get Commercial Property Insurance (for Cheap)
At TechInsurance, we’ve worked with thousands of tech companies, so we’ve got a good idea of what the typical IT business owner thinks about insurance. Generally, we see two things:
- You want to get the most out of your insurance.
- You want to pay as little as you can for it.
For these reasons, many tech companies that come to us get what's called a Business Owner’s Policy (or BOP Insurance). BOP Insurance combines Property Insurance with General Liability Insurance – it’s a two-in-one insurance bundle. Because insurance companies can sell two policies instead of one, they typically offer a small discount on both.
BOP Insurance is only available to small businesses (including freelancers and contractors) with low risk profiles. Think of it as a discount package for smaller, less risky tech businesses. To apply for BOP Insurance, check “General Liability and Business Property” in our application.