What is Property insurance?
Business Personal Property insurance covers the contents of your building due to the physical loss or damage to property on your premises. It covers what you own inside the facility: build-outs, flooring, rigs, equipment, office furniture, electronics, etc. It does not cover the building brick and mortar – that is the landlord’s responsibility. Earthquakes and floods (damage from water rising up from the ground) are excluded, but water damage (water leaking from the roof or pipes) is covered on this policy. The amount of your coverage should be based on the Replacement Cost of your property. Please note that Property coverage is optional.
Business Income/Extra Expense coverage is included in this policy. Business Income coverage provides recovery of lost revenue when damage to the premises by a covered loss causes a slowdown or suspension of your operations. Please be aware that there is a 72-hour wait period before it can take effect.
Extra Expense coverage pays for additional costs in excess of normal operating expenses that your business may incur in order to continue operations while your property is being repaired or replaced after damage due to a covered loss.
The deductible is $500 for total Property limits under $500,000. Limits over $500,000 have a $1,000 deductible.