Property insurance comes in many forms to suit your specific needs. Before purchasing coverage, take a complete inventory of all your business property to determine how much you need to insure. This important step assures you will have adequate coverage to continue your business in the event of a covered loss.
Types of Property you may Need to Insure
- Buildings and other structures (leased or owned)
- Furniture, equipment and supplies
- Money and securities
- Records of accounts receivable
- Leasehold Improvements and betterments you made to the rented premise
- Electronic data processing equipment (computers, etc.)
- Valued documents, books and papers
- Mobile property (construction equipment, etc.)
- Property in transit
- Satellite dishes
- Signs, fences and other outdoor property not directly attached to the building
- Intangible property (goodwill, trademarks, etc.)
- Business contingency for suppliers
- Ordinary payroll
- Extra expenses as a result of loss
Types of Property Insurance Policies
Basic Property Insurance covers:
- losses due to fire or lightning.
- cost of removing property as a way to protect it from further damageShould you want to purchase more than basic coverage, you can buy a standard policy that provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions, aircraft and vehicles that damage your property. Beyond that, coverage for vandalism and malicious mischief can also be included.