Where Your Business Property Is & Isn’t Covered According To Your Insurance

Where Your Business Property Is & Isn’t Covered According To Your Insurance

An insurance policy is something that you will give you peace of mind when you cannot think of losing your business. Among several types of insurances

An insurance policy is something that you will give you peace of mind when you cannot think of losing your business. Among several types of insurances available nowadays, it is a difficult task to choose the correct one. Each policy varies from the other and as common people, we won’t have much knowledge on all these unless some agent gives a brief summary of the various policies.

A handy insurance policy is highly required in all fields of life. The importance is much higher when you are running a business and you constantly have the fear of losing your business due to unforeseen circumstances. A commercial property insurance or a business property insurance is therefore recommended to all those business persons who require to deal with various foreign bodies every day. However have you ever pondered deeply into your business property insurance and checked whether you have all the required coverage?

What Does Business Property Insurance Cover
Business property insurance covers the damages that are caused due to perils like theft, fire and even natural disaster. Fire, which is a known and quite a common peril, could destroy your building and the contents inside the building that are used for carrying out the business. Amongst natural disasters, there is the possibility of storm which can damage your outdoor sign and other equipments that you may have to keep outside. Also a burst in the water pipe can damage the valuable papers and documents incident to the business.

Under the business property insurance, your building, inventory, outdoor sign, fence and landscaping, equipment and furniture and other’s property are covered. A basic insurance coverage would provide insurance for losses that are caused by fire, explosion and theft. While the essential items you should get insured for your business are your office equipments, inventory, items placed outside the premises and the building, there are few other add on coverage one should keep in order to avoid unforeseen losses.

What Your Business Property Insurance May Not Cover
When it comes to taking up a policy, we typically look for the larger losses and mostly those losses that are easily visible to our eyes. However, you would be astonished to know that most of the business property insurance policies end within your office premises. This can be a problem as there are several other businesses that are carried out outside the office premise.

For example, if your goods are being carried from one point to another, or if you drive yourself to meetings or rent out the equipments and vehicles on business trips, the same is not covered under any insurance. Furthermore, your business property insurance may not cover your business’s car too! However, you would need a vehicle to carry out your business like dropping goods from one warehouse to another and transporting raw materials.

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