A Business Insurance Update
Every business owns business property which may also include the building in which you run your operations. Property insurance protects the physical assets of your business – such as computers, office equipment, buildings, furniture, fixtures, and other property.
Every company should have property insurance coverage to respond to the many risks associated with the damage or loss of business property. Property policies offer many unique coverages, some of which we have highlighted:
- Building Coverage – allows you to quickly rebuild or repair buildings or other property damaged by fire, theft, natural disaster, or other covered events allowing you to return to normal operations.
- Business Personal Property Coverage – covers the cost to repair or replace the contents in your building if they are stolen or destroyed by a covered unforeseen event.
- Business Income Coverage – provides for continued income or lost revenues while the building and its contents are being rebuilt or replaced following a covered loss. Business income insurance helps you cover operating and ordinary payroll expenses during the “period of restoration”.
- Fine Arts Coverage – covers loss or damage to artwork or sculptures housed in your building.
- Building Ordinance or Law Coverage – supplements the increased cost of repair/construction to comply with the enforcement of building codes, ordinances or laws that are in effect at the time of a covered loss. For example, following a covered loss, building codes may require that you install a sprinkler system to bring your structure up to current specifications.
- Outdoor Signs and Property Coverage – covers the cost to replace outdoor fences, signs, trees, and shrubs if damaged by a covered loss.
- Equipment Breakdown Coverage – includes loss due to failure or breakdown of equipment such as boilers, heating systems, and electrical machinery.
- Computer Coverage – covers the cost to replace or repair damaged hardware, software, data or media vital to your operations.
- Back-up of Sewer – covers costs to repair or replace items damaged by back-up or overflow of a sewer or drain.
- Earthquake Coverage – provides insurance to repair or replace damaged equipment and buildings resulting from an earthquake. Earthquake coverage is typically excluded under most standard property insurance policies.
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