5 Things Every Business Owner Should Consider with Property Insurance

If only Property Insurance could automatically mean everything on a property is covered if it is lost or damaged. Unfortunately, it’s much more intricate than this. And you cannot make any assumptions when it comes to Property Insurance. Business owners have to be meticulous when reviewing a policy, remembering that if it’s not specifically outlined, it won’t be covered.

Items that you would want to recover if lost or damaged might not be included in your Property Insurance policy and can be easily overlooked. Here are five items business owners should be careful to look out for on the “Property Not Covered” list.

  1. Damage as a result of floods and earthquakes
  2. Business income loss
  3. Outdoor property such as signs, plants, fencing, satellite dishes, and company cars
  4. Permanent things such as heavy machinery, walls, and fixtures
  5. Debris or pollutant removal and cleanup

These items, as well as anything else that is not originally included in the Property Insurance policy can be added on with an endorsement.

If you are unsure what your Property Insurance covers or if you realize you were uninsured when it is too late, you could find yourself having to foot the bill for major repairs, replacements, rebuilding, or cleanup. The only way to do avoid this is with a comprehensive Property Insurance policy where you know exactly what is and is not covered.

As the USBLAWG puts it, “Any company that doesn’t have this type of protection is left at the whims of nature, human error and crime.”

And while you can’t skimp on flood coverage when your business is located in an area prone to flooding, there are other ways you can reduce your risk to potentially reduce your Property Insurance premiums.

  • Install a security system
  • Add extra smoke alarms and fire extinguishers
  • Repairing or installing new windows and doors
  • Repairing or replacing gutters and roofs

For help finding out exactly how much Property Insurance coverage you need for your business, speak to a specialist by calling 1.866.481.5262.










Photo via Leena Robinson / Shutterstock

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