Choosing The Right Insurance
Types of Property Insurance Policies
Property insurance coverage ranges from very basic to robust. So simply having a policy isn't enough. Working with an expert who takes the time to understand your business and the types of risks that apply is essential. In many cases, a business's exposure changes frequently, resulting in the fluctuation of the commercial property insurance needed. Working with a coverage partner that adjusts to those changes can pay dividends.
1
Types of Property You May Need to Insure
Here are some examples of property that’s commonly insured:
- Buildings and other structures (leased or owned)
- Furniture, equipment and supplies
- Inventory
- Money and securities
- Records of accounts receivable
- Machinery/boiler
- Electronic data processing equipment (computers, etc.)
- Valued documents, books and papers
- Leasehold improvements and betterments you made to the rented premise
- Mobile property (construction equipment, etc.)
- Property in transit
- Cargo
- Satellite dishes
- Intangible property (goodwill, trademarks, etc.)
- Business contingency for suppliers
- Ordinary payroll
- Extra expenses as a result of loss
- Signs, fences and other outdoor property not directly attached to the building
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Are You Buying Enough?
Determining adequate coverage is the most crucial and challenging aspect of property insurance.
Working with an experienced insurance professional dramatically reduces the intimidation factor of purchasing a property insurance policy. Too often, determining a coverage amount is a cause for complication without the assistance of a trained eye. This, of course, is in addition to accounting for things like replacement cost value verse actual cash value, coinsurance clauses, and depreciation levels, all of which can impact out-of-pocket expenses.
Advisor assistance is always recommended when structuring a commercial property policy. Loft & Co Insurance Services understands the importance of protecting your business property and is here to help. Contact us today at 800-969-9740 to learn more.
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