Whatever type of business you operate, you have important property that you rely on to get the job done. The physical property required by your business, from office equipment to manufacturing equipment, is vital to your operations and not easily replaceable. Think about how much it would cost you to replace everything your company uses each and every day to make your business run. Could you afford to start from scratch if everything were lost?
Covering Your Business Property
Property coverage is a vital part of your commercial insurance policy; it protects you against the loss of all of those items that represent a substantial investment in your business. It covers you for everything from the desk and chair you sit at to the computer equipment you need to keep up with business in the modern age.
Take a minute to do some mental calculations and figure out just how much you have spent gathering furniture and office equipment, as well as other equipment such as manufacturing systems that make it possible for you to stay in business. Chances are you didn’t buy it all at once, and you might not be aware of just how much you have invested or what you stand to lose in case of a fire or other catastrophe. Without those things you could not continue to stay in business, and you would need to have a lot of cash on hand to replace them.
Building Coverage Isn’t Always Property Coverage
If you lease or rent the space in which you do business, then someone else probably handles the coverage for the building itself. But their policy doesn’t cover you at all; it exists to protect the owners of the property itself. The things that you keep inside your office, warehouse, or factory are not covered by this policy. You need to carry your own coverage to ensure that if something happens, your property would be replaced.
If you do own the building in which you do business, whether a commercial space or a business run out of your home, it is a dangerous assumption to think that your property is covered. Many commercial building coverage policies have minimal coverage for property, and a homeowner’s policy doesn’t cover business items. Don’t assume you have coverage!
Protect your business from a potential disaster by getting property coverage to ensure that even after a fire or other catastrophic event, you will be able to replace everything and get back to business as soon as possible.