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Are you aware that a standard property policy can provide coverage for extended perils? This can include floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions as well as vehicles that damage your small business property.
In fact, basic small business property insurance can cover losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Beyond extended perils, you can include vandalism and malicious mischief among your small business property coverages.
A typical small business property insurance policy will provide the replacement cost value for your building and the actual cash value for your business property.
The value of your small business property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.
The amount that is necessary to replace or rebuild your small business building or repair damages with similar materials, without considering depreciation.
Taking an annual inventory of your small business property insurance requirements can help to ensure your coverage is aligned with your current needs. Property that you may want to consider includes:
– Buildings and other structures (leased or owned)
– Business contingency for suppliers
– Cargo
– Electronic data processing equipment (computers, etc.)
– Extra expenses as a result of loss
– Furniture, equipment and supplies
– Intangible property (goodwill, trademarks, etc.)
– Inventory
– Leasehold improvements and betterments you made to a rented premise
– Mobile property (construction equipment, etc.)
– Money and securities
– Ordinary payroll
– Records of accounts receivable
– Valued documents, books and papers
– Satellite dishes
– Signs, fences and other outdoor property not directly attached to the building
– Valued documents, books and papers
The coinsurance clause in your small business property insurance requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the actual cash value of the property. This will allow you to receive full coverage for your losses. Without adequate coverage, you may be obligated to pay a percentage of all losses, even if they are listed in the policy.
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