A policy which provides financial protection to the owner or renter of a structure and its contents, in the event of damage or theft.
Need protection against risks to property, like fire, theft and some weather damage. This includes specialized forms of insurance such as boiler insurance, home insurance, fire insurance, flood insurance and earthquake insurance.
Nancy runs a cosmetic shop and one day suddenly her shop and the products gets destroyed due to a fire. However, since nancy is properly covered under business property insurance so the cost of construction to her damaged property and products destroyed in the fire will be given back to nancy to open a new shop.
Role of Property Insurance
The purpose of property insurance for the small business is to provide critical financial assistance in the event of a loss, so that the enterprise can continue to operate with as little disruption as possible.
Property insurance alone is seldom enough, however. It should be but one part of an overall risk management and disaster recovery plan. On average, businesses that devote resources to risk reduction and risk control have fewer insurance claims. Firms with a good record on claims generally have more insurers competing for their business, so that they are able to find coverage more easily and often at a lower price than companies that have more losses.
Contact us today to learn how we can help with your business insurance needs.