Property
Insurance
Any business owner
with property such as inventory, a building, costly
equipment or even personal computer needs property
insurance. It only takes one catastrophe such
as a lightning storm to financially devastate
a company. Property insurance usually covers a
building and its contents from losses due to most
common perils, such as a fire, theft and wind
damage. Keep in mind coverages apply only to covered
losses. A covered loss is any insured loss that
is either expressly specified or not
excluded in an “all risk” policy.
A successful business relationship
is built on teamwork. You insurance company counts
on you to properly maintain your equipment and
take preventative steps to avoid losses.
Several types of coverages can
apply to the same type of event. For instance,
here’s what happened in Andrea’s case.
"Last
December, lightning hit our building and caused
a fire that badly damaged my florist business.
Of course, the building and contents part of my
policy covered the cost to repair the store damage,
but my American Business Insurance explained how
several other coverages she had recommended came
into play. The computers and media coverage took
care of the costs of record reconstruction when
my computer was fried and I lost my corporate
customer files and vendor lists. Also, since it
was the height of the holiday season, my shop
was packed with inventory. Thank goodness for
the peak season inventory coverage that automatically
increased my insurance limit during the holiday
season. Also, because my business shut down for
three months while we cleaned out and rebuilt,
the business income coverage reimbursed me for
my lost income and expenses during the shutdown."
If Andrea also secured dependent
property coverage, the loss of business income
would be further protected in the event one of
her floral suppliers suffered a covered loss and
couldn’t make their regular deliveries.
That coverage would pay for Andrea to buy comparable
inventory from other vendors, even if she had
to pay more or if there were rush charges involved
because of the delay in delivery.
Other options she may want
to consider include vandalism for damage to property,
and equipment breakdown which covers the costs
to repair or replace equipment vital to her operation.
Basic limits of these and other coverages may
be included in the base policy already. Your agent
can tell you if you business may need more. Another
option to consider is blanket coverage.
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Check
out these other valuable commercial coverages
that we offer!
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