Business Property Insurance
What is business property insurance?
In the case of loss from fire, theft or vandalism, business property insurance provides financial assistance to help cover the cost to rebuild or repair business property so that operations can continue with as little disruption as possible. This includes compensation to repair damaged business property or replace what you’ve lost.
Who generally purchases business property insurance?
Why buy business property insurance?
Costs to replace or repair damaged physical business property and assets can be staggering. If it would be financially draining to replace your business property should it be damaged or destroyed, you should consider insuring your business property.
What does business property insurance cover?
Business property insurance protects your business against physical damage to, or loss of, your assets. Assets include the domain in which your business operates and its property (i.e., computers and inventory).
There are two types of business property insurance policies available: a named-perils policy, which only covers losses resulting from particular events named in the policy, and an all-risk policy (also known as special form coverage) which covers all events except those specifically named. Most businesses would benefit from all-risk policies, which typically have higher premiums.