Business Line Insurance
Business property insurance
policies – sometimes called commercial property
insurance – protect your property, as well as inventory
or assets, against loss or damage. Your business
property insurance protects you even if the property is
away from your place of business when it is damaged or
lost. The policy covers your costs to replace or repair
the property and, in some instances, compensates you for
items that cannot be replaced.
Property insurance covers
everything related to the loss and damage of company
property due to a wide-variety of events such as fire,
smoke, wind and hail storms, civil disobedience and
vandalism. The definition of "property" is broad, and
includes lost income, business interruption, buildings,
computers, company papers and money.
Property insurance policies come in two basic forms:
(1) all-risk policies covering a wide-range of incidents and perils except those noted in the policy; (2) peril-specific policies that cover losses from only those perils listed in the policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance. All-risk policies generally cover risks faced by the average small business, while peril-specific policies are usually purchased when there is high risk of peril in a certain area.
At Ultimate Agency we'll
tell you about the type of business property
insurance best suited for your business.