There a two primary types of coverage included in business property insurance: building and contents. Your coverage works together to protect all the physical aspects of your business including furnishing, equipment, inventory and cash. Many insureds prefer to have replacement cost coverage so that they will have assistance rebuilding the structure and replacing it’s contents.
Standard business property insurance policies have coverage for fire, wind, falling objects, and other sudden events. However, there is some coverage that is only available as an added policy endorsement, like sewer and drain backup. If you’d also like coverage for events like earthquakes or floods, you’ll need a completely separate policy. If you’re only renting, the actual building will be covered by the landlord’s policy, but you’ll be responsible for any improvements you’ve made. Also known as tenant betterments, these built-in features are usually automatically have coverage, but always make sure to check!
Life Insurance for Small Business
On the other hand, there’s more to your business than just your location and products or services. There’s you! The involvement of the business owner, or other key employee, can often make or break a commercial venture. Planning ahead for the unexpected may be the difference between your business closing or flourishing. A life insurance policy can help to rebuild a business after the death of an owner or top employee. Known as “key person insurance” this coverage can help if a business partner or top employee dies or becomes disabled. The policy’s benefit can be used to search for a new candidate, lost income, or training expenses. Did you know life insurance can also play a critical role in your compensation plan? The right life insurance policy can help you recruit, retain, and reward your employees!