Every business has some kind of property. And, in essence, your business is your property. Like your personal assets, your business needs to be protected from loss to physical damage and liability. Your business is also your source of income, so you need to protect it from the potential loss of those proceeds. Property insurance can cover damage to or loss of the physical assets of the business.
Your business may not specifically have all the following types of property; however, this list can help businesses identify and consider different property categories and any insurance coverage that may be necessary to properly insure itself against property loss:
- Buildings and other structures (owned or leased)
- Furniture, equipment and supplies
- Improvements and betterments you made to the premises
- Boilers and Machinery
- Data processing equipment and media (including computers)
- Valuable papers, books and documents
- Mobile property such as automobiles, trucks and construction equipment
- Signs, fences and other outdoor property not attached to a building
- Intangible property (goodwill, trademarks, loss of income, etc.)
- Leased equipment
- Money and Securities
- Records of Accounts Receivable
- Valuable papers, books, and documents
To establish the amount of insurance you need for each one, our specialists at SentryWest Insurance will work with you to review the types of property you possess and the proper way to insure against potential loss.