What is Business Property Insurance?
When you think about the things owned by your business, from a desk and computer to manufacturing equipment, each item has a replacement cost. Business Property Insurance helps to cover the replacement of these items.
Whom does it protect?
Business Property Insurance protects your cash accounts in the event of unexpected property damage.
When do I need Business Property for my business?
Business Property Insurance becomes vital as you purchase more property that is integral to the success of your operations. Suppose you look at the costs to replace specific items within your business and feel that replacing them would be detrimental to your success. In that case, Business property insurance is then essential.
What are the risks if I don’t have appropriate Business Property Coverage?
If you don’t carry Business Property, you could risk paying for your business-related belongings all on your own. Having this coverage ensures that if your belongings are damaged or destroyed, you will be able to replace those items.
How often should I review my Business Property?
You should review this coverage annually to ensure enough coverage to replace all business-related items.