If your business has customers or clients coming to your location, the place you do business from has increased importance. Well-equipped and well-furnished businesses assure visitors that your company is prosperous. Also, they can see you have the equipment and talent to get their job completed. As a business owner, you have the responsibility of ensuring that your company’s assets have protection.
The following checklist helps you understand the importance of business property insurance. It also suggests things you should have insurance for to protect your business' property. Following the suggestions below helps ensure that your company can overcome property loss or damage.
Commercial Property Insurance Checklist
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Risk
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Is It Covered?
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An employee causes an overhead pulley to fall and crash into a forklift.
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Yes.Commercial property insurance oftenhelps when business property suffers damage or destruction by a covered incident
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The falling pulley assembly damaged a pallet, with $5,000 of inventory destroyed.
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Yes,commercial property insurance covers the repair or replacement of covered business items. This protects your tools, computers, inventory and other covered business property
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Your plant loses power due to a storm and the utility company informs you that you won’t have power for two weeks. There is no emergency generator.
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Yes, provided you have business income replacement insurance. This coverage helps your business by replacing lost profits up to policy limits. The insurance payments help cover labor and operating expenses until restoration of power.
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A small fire caused some minor damage to your place of business. While undertaking repairs, new building code standards requires certain upgrades to your structure.
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Yes. Many business property insurance policies cover, through building ordinance coverage, the cost of meeting new building code requirements. This applies when your property needs restoration or repair following a covered incident.
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Someone stole an expensive set of metric ratchet wrenches from the tool locker.
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Yes. Most business property insurance includes business crime coverage. This insurance helps replace business property stolen by an outsider or an employee.
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Business and commercial property insurance may come as part of a Business Owner’s Policy, known as BOP insurance. Common coverages in a BOP include commercial auto insurance, commercial liability insurance, business interruption insurance, and product liability insurance.
Consult with your trusted insurance advisor for guidance on what type and amount of business insurance you need. Remember, policies may vary. Therefore, you need to take care to insure your business, equipment and products according to their unique risks.
Call Amco & Remco Insurance right now at (800) 282-2000. One of our agents is ready and waiting to help you get a quote on an affordable San Antonio business policy.