Property insurance for your organization is usually found on your business owners policy which includes many components; here we’ll focus on business personal property and business income.
Keep your business running
Commercial property insurance helps ensure the future of your business
Be sure to develop a list of Business personal property (BPP)
An insurance bundle might be a way to save even more money
Business personal property (BPP) are the items owned by your organization that are not attached to the building. If you have wood floors with a rug in your office the rug is BPP, but carpet attached to the floor is not. I recommend replacement cost coverage because you need to replace these items to get back in business, and the vast majority of business owners policies (BOP) come this way.
If you’ve been in business for a few years it’s challenging to come up with a total amount to replace all of your BPP. Ten or fifteen years ago it seemed like prices on everything were going up; not so much so today. Prices on computers and electronics have leveled off, if not keep going down. If you have a list of your BPP or can develop one; and do some online price checking then you’ll have an amount for the BPP, and a good list for the claims adjuster if you do have a loss.
Remember, if you have a total loss you’re not going to be waiting around for the next sale; you and the insurance company want to get up and running ASAP. So, you are going to be paying full retail. You may even have to pay extra to get things quickly; which might also be covered by the policy in the form of expediting expense. So slightly overestimate rather than under estimate. Also, take a video of your space on your smartphone and store it on the cloud. Also account for the products you have for sale, if any. Remember to account for any inventory.
Last night your business burned to the ground. Now your glad you have that inventory list, or at least a video; but you also need cash flow to pay your employees and your rent. That’s where business income (BI) comes in, the insurance company pays for those kinds of expenses when there is property damage to your space and your cash flow is interrupted. They may also pay some extra expenses to help you get up and running quickly which might include renting temporary space for you while your space is rebuilt, phone lines or an internet connection. The faster they can help you get up and running the less they will have to pay in business income.
The Taylor Wells Difference
Personal support
We are in a unique position to provide the absolute highest level of personalized service to each of our clients
More than 20 years of experience
Our broad range of experience allows us to provide clients with exceptional advice and help identify risks and coverage
Full-service Agency
We offer a diverse range of insurance solutions, and we help to protect homeowners, business and everything in between
Relationships are important
At Taylor Wells Insurance, we believe that relationships are built upon trust, integrity and a higher level of service