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 can be based on either the Replacement Cost (the amount it would take to purchase all of your contents as new) or the Actual Cash Value (the actual depreciated value of all of your contents) of your property. 

Business Income/Extra Expense coverage may also be 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 typically 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. In general, we recommend that this limit reflect 1-3 months of your Sales/Gross Revenue.

There is typically a deductible applied to each Property policy.