Today, I was thinking about you and your business—how challenging it must be for you to run your own business.
You have to keep your employees happy and your customers satisfied, all the while ensuring that your business operations remain productive, efficient and most importantly profitable. For if your business is not profitable, you can’t sustain it.
And it’s not easy, not at all in this volatile economy when you are already facing risks and uncertainties. Unfortunately, you have to accept these risks as they are part of running a business. But you don’t necessarily have to account for all of them. Some of the financial losses entailing these risks and uncertainties can be passed on to an insurance company.
You can apply for a business insurance coverage
Now, there are many types of business insurance coverage you can apply for, primarily including general liability coverage, operations interruption coverage and business property coverage.
In this post, we will focus on the latter – business property insurance coverage.
What is Business Property Insurance Coverage?
A property insurance coverage financially protects your business against the losses incurred in the form of damages to a business property. The term “business property” encompasses business’s building, furniture, materials, commercial vehicle, equipment and supplies. However, it’s important to note that the entailing scope of coverage may vary from insurer to insurer. Therefore, before buying a property insurance coverage, you must ask the insurance company about what classifies as “business property” as per their policy.
At this point, you might bethinking about the possible scenarios where business property insurance coverage can help you. If so, here are few examples…
To Compensate for Property Loss Caused byNatural Disaster
Natural disasters happen, and when they do they can cause catastrophic destruction. A hurricane or a tornado can rip apart the structural foundations of your office building. High wind speeds can damage the roof of your restaurant. Rainwater can flood the basement and cause structural damages. Etc., etc. This is where having your business property insured can help you conveniently cover the cost for repairs.
To Compensate for Property Loss Caused by Man-Made Disaster
Disasters can also be man-made, such as fire breakout in an office building or a sewer backup. As such, man-made disasters can account for costly damages to business property. Again, having a business property insurance coverage can protect you from paying the expenses in full from your own pocket.
To Compensate for Property Loss Caused by Theft
Property theft is a common problem faced by business owners, just like you. Sometimes, it’s your own employees who are guilty of stealing things and at other times, strangers break into your premises at night and commit a theft. In either of the cases, a business property insurance can cover you and compensate for the resulting property loss.
Purchasing a business property insurance coverage policy can provide you with peace of mind, knowing that your assets are better protected at all times. It allows your business to conveniently account for uncalled expenses.
If you don’t have a property insurance, but want to purchase one or have any question related to it – reach out and I would be happy to facilitate you.
I, Gregg Marcus, am a humanitarian, philanthropist and commercial lending and insurance professional who has successfully assisted and advised clients nationally and internationally. Whatever I have learnt, I try to share it with my readers on my blog. Contact me, if you ever need a helping hand.