In 2019, it was reported that 54% of side hustle entrepreneurs didn’t have insurance for their businesses. This statistic is startling, as starting and running a business exposes you professionally and personally to many exposures. One of the most important items that should be protected for all business owners is business property.
Running a business isn’t an easy task, especially if you’re trying to grow and expand it. If you own a business then you need to protect yourself with the right business property coverage.
To learn about property insurance for business, and how it can help you, keep reading.
What Is Business Property Insurance?
Many entrepreneurs know that they need certain types of business insurance. However, not every business owner is aware of the importance of having property insurance for their business.
Business property insurance is insurance that keeps your building safe and covers you in the case of theft, fire, wind and other types of building damage.
If your business operates in any kind of location, you should invest in insuring the property to ensure that your business operations are not halted in the event of a claim or loss.
There is a wide range of different businesses that need business property insurance and all business property policies are customizable to fit your business’s needs.
All insurance providers would recommend that if you own or operate a business, you should consider whether or not you need this insurance.
What Does It Cover?
The great thing about having property insurance for your business is that it protects you in multiple ways. However, many people don’t know what this insurance includes and how it can help them.
In short, business property insurance covers your building and can also include the contents that the building includes.
One of the things that business property insurance can cover you for is theft. This means that if you have something that gets taken from your property or you have a break-in, then you can receive financial assistance for this.
This insurance also covers you for fire damage. If a fire damages your building, then any contents that get damaged as well as the property itself can be covered.
Wind is an important coverage for Florida businesses. Sometimes, depending on location, it may be hard to find a policy that will include wind and hail coverage. It’s important to shop with Independent Agencies like Harris Insurance so they can shop your business insurance with multiple markets and insure vital coverages like wind are included in your policy.
Another example of damage that your building can be vulnerable to is water damage that may come from heavy rain or flooding. It’s important to note that, like personal property policies, flood insurance is a separate policy for businesses.
Of course, your insurance contract will detail the kind of damages that are covered in your policy.
How To Know If You Need Property Insurance For Your Business
There are several ways to know if you need business insurance for your property. It’s also fairly straightforward to know whether or not you need it.
If you own your own building where your business is based then you will most likely need business property insurance. Particularly if you don’t already have any type of insurance that covers your property.
If you rent out a space in a building then the landlord should have a master policy that covers the structure but it’s important that you confirm with your landlord. Even if your landlord insures the building, you may be responsible for insuring the interior of your unit.
There are many cases where you still need coverage even if you are renting your business location. There are still many insurance providers that can provide the coverages that you need.
There are also some exceptions when you may not need insurance for your business. For example, some people work from home in their own houses; in this case, you may not need business property insurance, but we still recommend consulting a licensed Agent to find out what kind of coverages your business still needs and what exposures you might have.
If you are unsure if you need coverage, then it’s always worth getting a business property insurance quote just in case.
The Benefits of Business Property Insurance
Before you consider getting any type of insurance, it’s important to know how it can help you. This way you can feel more informed before you make a buying decision.
One of the ways property insurance can help you is by offering you peace of mind.
Reassurance
When you know that your business’s property is insured, it can give you reassurance to know that whatever happens, you will be covered.
So instead of losing sleep worrying about what you are going to do if something goes wrong, you can be stress-free knowing that you already have plans in place.
Financial Support
Another way that properly protecting your business can help you is by giving you some financial backing if a covered claim occurs. This means that you don’t have to rely on your own funds in the event of a disaster or emergency.
This also allows you to put your money into your business or spend it on what matters the most to you.
Fast Support
Another advantage to having business property insurance is that you can get problems resolved quickly and efficiently. This means that if something goes wrong, you can contact the insurance company and they will start working on remedying the problem immediately.
This service allows you to get back to running your business as soon as possible so you can start making money again. If you have employees then it may also help with getting them back to work quicker.
Pricing
There are many great insurance options out there, so no matter what size your business is, there will be an affordable solution for you. This helps with keeping your business property insurance costs down.
Get Business Property Insurance Today
No matter what kind of business you own, if you own a property for your business then you need business property insurance. Finding out that something has gone wrong and not having insurance is the last situation you want to be in.
That’s why it’s always better to keep yourself and your business covered.
If you need business property insurance or just some friendly advice, contact us today.
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
