The Protection Your Business Needs
By Carl Weitzel
Owning a business is a huge financial investment. Starting, developing, and expanding a business requires the acquisition of property that includes office space or buildings, computers, furniture, equipment, and inventory. For many businesses, such as manufacturing plants and distributors with sprawling warehouses, this can equate to millions of dollars in equipment alone. The loss of these items would be a major blow to any sized business and, in many cases, could lead to closure without the protective coverage of property insurance.
Commercial property insurance safeguards your business from events such as fire theft, vandalism, or windstorms (review your coverage or speak with us today to find out what is covered under your policy) and the insurance premium can typically be expensed. Beyond being a good hedge against loss for the business owner, most mortgage and business loan lenders require proof of commercial property insurance that protects their investment as well. Further, policies can be written to include business interruption insurance, which covers lost revenue – and more – in the event, a covered event halts business operations.
Among the items, you can insure are your office space or buildings, the contents you own, and the items you have in your custody that belong to others. If you lease the space and don’t have to insure the structure, you can still purchase coverage for the improvements you have made to the lessor’s building. Finally, you can also opt to have certain property covered regardless of its location so that items on the move – such as a laptop or testing equipment – can be repaired or replaced should offsite damage occur.