If you are starting up your own business, one important thing you will need is business property insurance. Here we will provide you crucial information about business property insurance and what you should consider when purchasing business property insurance.
The purpose of business property insurance is to protect your business from loss when it comes to the structure and contents of your business.
You should consider the following tips when purchasing business property insurance:
Have Sufficient Business Property Coverage
When picking business property insurance, you need to make sure your insurance is at least the amount it would take for you to rebuild your structure and replace fixtures within your property. It is important to know that business property insurance is not the same as a property tax valuation. Business property insurance is the total cost of replacement.
When searching for business property insurance, you should request a total for how much it would cost to rebuild the size of your property. This will give you a good estimate of the needed coverage for your business property, if a disaster happened.
You need to cover structure, new fixtures, carpeting, fire prevention and safety at the least. You should consider office furniture replacement in case of disaster as well.
Do not feed into the temptation to insure only a percentage of your replacement cost. The premium saved is not worth the risk of not being able to rebuild if a disaster happens.
Flood and Storm Coverage
It is wise to note that the majority of commercial property insurance does not cover flood or windstorm damage. These are separate from general property insurance and the premiums can be expensive.
If you live in an area inclined to natural disasters, it may be wise to purchase a separate flood insurance policy.
Ordinance or Low Compliance Coverage
Remember many traditional property policies do not cover costs for upgrading a structure to meet new building code standards. This is when you should consider purchasing compliance coverage as a separate policy.
To keep your business covered with the right business insurance(s), come to Kennedy Insurance Agency Maryland.
Kennedy Insurance offers extensive insurance solutions for business operations. Our property & casualty products such as umbrella liability, business income, and product liability include enhancements and coverage’s missing from many standard industry policies. Our flexible approach allows companies to customize these products to meet their individual needs. We offer innovative products and services for private and public companies, not-for-profit organizations, financial institutions and health care companies. We have been providing blanket and voluntary accident insurance products for employer groups and financial institutions for many years and we invite you to explore all our business insurance solutions and please call us with any questions.
If you have any questions or need professional services, contact the Kennedy Insurance Agency by calling 410-355-1010 or click here today!
Kennedy Insurance has provided Insurance solutions to individuals, families, and businesses for more than 25 years. No matter what type of Insurance you need, we have the knowledge, experience, and markets you can trust. Our Personal and Commercial lines departments can satisfy a broad spectrum of Insurance needs. With a large number of companies to choose from, we shop the markets so that you do not.
Our primary goal is to provide the people of Baltimore, Maryland and its surrounding areas with adequate Insurance at a competitive price, while still providing excellent customer service.
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Source: Important Tips For Your Business Property Insurance
