Whether it’s a devastating fire, natural disaster, or burglary, property insurance responds. This policy reimburses companies for direct property losses, supporting recovery and momentum.
Businesses that own or lease property need property insurance. This coverage protects the building, its contents, among other exterior fixtures. What’s more, business personal property (BPP) losses are some of the most common insurance claims — but property insurance responds. This coverage can also reduce the impact of a burglary, so long as your policy offers theft coverage.
It’s not only desks, computers, fences, or signs that require repair after experiencing a loss. Businesses must also find a way to cover income lost and payroll, and the price of renting a temporary space to work. Keep in mind that surviving the loss is only half of this ordeal; the other half is the recovery project. All companies benefit from property insurance — it’s the remedy to common and potentially fatal situations.
Property owners or renters
Many companies rent office space, while others own their property. Whether owners or renters, they still run the risk of experiencing a devastating loss.
Equipment owners or renters
Businesses that rely on expensive or hard-to-replace equipment or tools face a unique challenge of replacing them in a harmful situation.
On-site products or inventory
Without products or adequate inventory, most companies will fall flat. Recovering from stolen or damaged property is a gamble without a sufficient safety net.
Why you need Property Insurance
Summary
None of us is immune to Mother Nature’s wrath or the inconsideration of other humans. Whether it’s a weekend fire, a fierce storm, or a burglary, property damage can occur in various ways. For businesses, this situation might seem impossible to overcome. Consider the weekend fire, for example. Your office and its supplies might be unusable, leaving you to find a temporary space to work. Customers are antsy, employees are worried, and your cash flow is slowing with each passing hour.
Property insurance helps to ease these concerns by reimbursing companies for direct property loss. Instead of digging into your business savings to find temporary work arrangements or customer appeasement, capital from the policy does the heavy lifting for you. Keep in mind that property loss results in more than merely rebuilding or relocating your business. You might experience the loss of business income or accrue extra recovery expenses. This policy covers income lost and payroll during the interruption period.
Reasons for getting Property Insurance
Reimburses companies for direct physical losses
Encourages a quick recovery for customers and employees
Provides the capital to make temporary business arrangements
What Does Property Insurance Cover
You will have to consult your policy documents to confirm exactly what coverage your insurance provides but here are some examples of what is covered by directors and officers insurance:
Owned or rented space
When vandals leave your business signage unrecognizable and the fence in splinters, property insurance steps in to cover the cost of a new sign and rebuilding the fence.
Owned or rented equipment
Suppose a violent thunderstorm rips through your area, damaging your company’s high-tech equipment. Product insurance helps you recover from the loss.
On-site products or inventory
If a thief steals a significant portion of your inventory, your business comes to a halt. But this policy responds by covering replacement costs to get you up and running again.
Property Insurance Claim Examples
Here are some claim examples that illustrate what Property Insurance covers
A software company suffers a fire overnight which wipes out their server room and most of the equipment on the first floor. The total property damage was over $600,000 which their carrier paid out in full since the insured met the coinsurance requirements
A burglar uses a crowbar to break into the front door of a ecommerce jewelry company’s office. When the team shows up the next day, they find all of the computers and sample jewelry has been stolen. After filing a police report and working with the carrier, the company is fully reimbursed for the stolen computer equipment. But because the policy included a max limit on jewelry losses that did not meet the company’s needs, they were only reimbursed $5,000.
Property Insurance FAQs
Property insurance doesn’t cover normal wear and tear or natural disasters, such as hurricanes or floods
The cost of property insurance will depend on the value of your business assets; however, the following factors play a significant part, too:
Location
Building construction
Occupancy
Fire and theft protection
How it works
Finding insurance coverage doesn’t have to be painful. We aim to make the purchasing experience as streamlined & intuitive as possible.
1
Get a quote
Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.
1
Get a quote
Use our custom built online portal to get quotes fast. We automate clerical tasks that plague the traditional insurance brokerages, giving us more time to be responsive and alert to your company’s needs.
2
Pair with a specialist
No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.
2
Pair with a specialist
No two organizations are the same. Our team of coverage experts partners with your team to engineer your risk management strategy, together. We take the time to understand the intricacies of your company to get you the best possible coverage.
3
Stay one step ahead
To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.
Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.
3
Stay one step ahead
To do better, you need to know better. With changing political, technological, legal and economic landscapes, staying ahead of the curve is critical.
Our in-house team is tapped into the latest developments of your industry, proactively ensuring you’re covered.
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