Business Property Insurance

Most business property insurance plans are tailored to the business and can cover a variety of losses, including damage from fires, electrical surges and even embezzlement by an employee. In addition, it is usually recommended that business property insurance policies cover fixtures such as lighting systems or carpeting, equipment and machinery, furniture, computers and inventory.

When it comes to insurance for your physical property, we normally suggest an “all-risk basis” policy rather than a “named-peril basis” policy. A named peril basis policy only covers the specific perils named in the policy, while an all-risk policy will cover you for virtually anything (except for a few specific exclusions).

If your local or regional location is inclined toward a specific calamity, you may consider additional insurance or pay an additional premium to insure against fire, flood, earthquake, nuclear risks (if you’re near a nuclear plant), hail, windstorm, vandalism or crime. Depending on the size of the business, it may be prudent to combine many coverages into a business owner’s policy (BOP) – a ready-made program for small businesses – or a special multiple-peril plan.

A business owner’s policy and other business property insurance plans can also cover lost income due to the disaster, as well as the additional costs of operating from a temporary location. However, vehicles are generally not covered by such policies, nor are financial assets kept on hand.

If you want additional insurance to cover losses such as those caused by fraud, burglary or robbery — which basic business owner’s policies and property insurance do not cover — we can add them onto your policy. These “riders” may also include data protection, personal assets and computer virus protection.