Business Property Insurance
Running a business often requires owning a significant amount of property. Everything from the tools your team uses to do their work to your inventory represents an investment you’ve made to get the job done. If these items are ever damaged or destroyed, replacing them can be an expensive and time-consuming process. Business property (also called commercial property) insurance covers these items, so you know that you’re taken care of in case something happens.
Business property insurance covers your business assets from the risks of damage, destruction, or theft. Some of the major covered items include:
- Any Building You Own
- Tools and Equipment
- Inventory
- Computers
- Phone Equipment
- Furniture
- Signage
- Valuable Documents
Commercial auto and personal auto insurance work in similar ways. Both cover the same set of risks and the claims process is largely similar. Both policies also require the insured to pay a deductible before the payout begins.
Customer Benefits
Customers appreciate products or services that are tailored to their individual needs.
- Sustainability for a better planet.
- Time and cost savings for efficiency.
- Quality Health Insurance and Care
How Much Does Business Property Insurance Cost?
The cost of business property insurance will vary significantly based on the value of the assets a company needs to protect, along with the types of coverage chosen. Two major categories of business property insurance are Named Perils and Open Perils. Named Perils protect against a list of risks, while Open Perils offer broader coverage. When estimating your cost for this insurance a good rule of thumb is $1,000 – $3,000/year per million dollars of coverage.
Selecting and Purchasing Business property Insurance
Protecting your business property is important and the right insurance policy will give you peace of mind to focus on running your company. Our highly trained agents are here to help you select the right insurance and ensure that you get the best deal possible. We look forward to working with you.
Who Needs Business Property Insurance?
Business property insurance is a good investment for any company that owns a significant number of assets, maintains inventory, or would be unable to conduct business without certain tools or equipment. The cost of the insurance is quite small compared to the impact of a loss. A recent study by insurance company The Hartford found that the average small business property claim was $35,000 for fire, $26,000 for hail, and $8,000 for theft/burglary.
