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Business Property Insurance PDF Print E-mail
Property Insurance

Business property insurance can be purchased on the basis of the property's actual value (the replacement cost minus depreciation), its replacement value (the cost of replacing an item without deducting for depreciation), or on an agreed-upon amount (commonly used for art objects and other unique items). Basic property insurance will generally cover your losses in the event of a fire or a lightning strike, and will pay the cost of removing property to protect it from further loss. Additionally, a standard small business insurance policy will usually cover losses from windstorm, hail, explosion, riot and civil commotion, and damage caused by aircraft, automobiles, or vandalism. Optional business insurance coverage can insure against earthquakes, floods, building collapse, and glass breakage. Property insurance can be categorized by what is insured and by the events leading to a loss.

For example, you'll want to make sure your building is covered, as well as your inventory, furniture, equipment, and supplies. Even if your business rents space, your lease might require certain types of insurance coverage that you must carry. However, just because the building owner carries all the necessary insurance on the building in which you operate, doesn't mean it will cover any of your equipment, furniture, and other business possessions. Named-peril policies will cover certain losses resulting only from those perils that the policy names; all-risk policies offer coverage for all perils except those specifically named in the policy. An all-risk policy is usually sufficient for the average small business, but keep in mind that all businesses, and thus their insurance needs, are different. Some insurance companies specialize in small business insurance coverage.