Property coverage insurance can protect your business and company possessions from destruction and theft. Whether you lease the building or own it, you can individualize your policy to include coverage that can protect your business and building from floodwaters, earthquakes, tornadoes, fires, and vandals.
Purchasing and maintaining adequate insurance can be difficult, so it is recommended that you meet with your representative at least every other year. The reason is that deductibles and co-insurance options may change as the policy ages. Also, some policies include replacement at actual-cash value, while others opt for replacement-cost. The ACV policy offers reimbursement of lost items and property at a depreciated value. The replacement-cost policy can compensate your loss based on the current market values of damaged and lost property. Depending on the type of insurance policy you opt for, making sure your plan doesn’t leave you underinsured can be important.
Another reason to review your policy regularly is growth. As your business grows, your needs may change. Relying on an old policy to provide adequate property coverage insurance can be detrimental. Depending on the type of business you own, there are many add-ons or endorsements to a typical policy that can help keep your company in business during a disaster. These include business interruption insurance, extra expense coverage, and builder’s risk protection.
As a business professional, being prepared for the unexpected is probably part of your mantra. Trust your insurance agent to help you tailor a policy to fit your business needs and be prepared to meet the unexpected.