Business Property Insurance
Business Property Insurance
As a business owner you make a hefty investment in the tools of your trade. Whether you are a professional office or a corner bakery your business personal property is key to running a profitable business. Whether it is high tech machinery or expensive office equipment without this property your business cannot operate. When equipment is damaged it needs to be repaired or replaced as fast as possible. The right insurance plan can get you moving in the right direction.
The limit of insurance you maintain for your business personal property should be at a limit that allows you to replace it. Business personal property can quickly become obsolete and needs to be replaced by more expensive items. Replacement cost coverage is absolutely necessary. The additional cost for this endorsement will save you additional headaches if a loss occurs.
Remember to include the cost of your inventory on hand when you decide on an adequate limit of insurance.
There are many forms this insurance policy can take. It can be provided for you on a Special form policy which includes all of the most basic insurance protection including theft. It can be insured on an Inland Marine form which is a schedule of your property with a value affixed to each item. This allows you to prove your loss before it occurs and the insurance company knows exactly what needs to be replaced and the cost to replace it.
There are certain coverages you should look into when you buy a business personal property insurance policy. Aside from the obvious elements that can cause a loss here are a few things to look for when you purchase your policy.
Expediting expenses can be crucial. The item or items you need to replace damaged equipment might not be readily available in the standard market place. Sometimes the items you need to repair your damaged property come from another state or even country. You want to be able to pay those extra costs to get that equipment to you with as little delay as possible.
While you might not want to pay the cost of a commercial earthquake policy you do want to make sure you have earthquake sprinkler leakage if the premise you occupy is sprinklered. The slightest tremor can cause these sensitive sprinklers to go off and now your business personal property including your inventory is water damaged and no longer viable. This extension of coverage is easily affordable.
Do not overlook your outdoor signs that direct traffic to your business. Outdoors signs can be extremely expensive to replace and you want that sign back up there just as soon as possible. In the same vein if you have expensive landscaping that is damaged you want to have some insurance coverage to replace it so that the exterior of your business remains appealing to your clients.
Remember this is a deductible business expense so maintain records of your insurance premiums.
Let the insurance experts at EZ Center Insurance Services assist you with this valuable insurance coverage.