Business Basics Include Property Protection


The recent devastation wrought by Hurricane Isaac may have been focused on southern states and the Gulf, but images of storm-swept properties may likely have caused business owners in New York to wonder about whether their business insurance in Peekskill would protect them if Isaac, or any other major storm, were to head north.
One of the most basic elements of a business insurance program is business property insurance, sometimes referred to as commercial property insurance. The policy protects the business premises and the contents of the business premises in the event they are lost or stolen, damaged, or destroyed—such as in the case of a natural disaster. In the event of a loss, the business property policy pays for costs incurred in replacing or repairing the property. However, certain risks such as flood and earthquake are generally excluded from a business property policy; coverage for those instances is obtained via a separate policy.
The price of doing business adds up
Just look around a business and see what’s at stake—everything from furniture to fixtures, office equipment, supplies, inventory, and other assets. They all amount to a significant investment, so protecting them from loss, damage, or theft just makes good business sense. People seeking business insurance in Peekskill often purchase business property insurance and commercial general liability insurance together in a business owner’s policy, which is an affordable way for them to obtain the foundational elements of business protection.
Work with a professional to protect a business
Besides business property insurance there are many elements of coverage that comprise a proper business insurance program. It’s important to work with a professional insurance agent who can assess the risks a particular business may be facing, perform an analysis of the business and its practices, and determine the best mix of coverages that will offer a wide variety of protection at a rate that’s affordable. The agent will know, for example, whether it makes sense for a business to purchase property coverage on a replacement cost basis (which entails a higher premium) as most businesses elect to do, or if purchasing a policy on the less-expensive actual cash value basis may be appropriate. The agent can also recommend risk management techniques that can improve safety in the workplace, which serves to not only protect employees’ health and welfare but can also reduce premiums.

Categories: Insurance
This post was written by , posted on October 8, 2012 Monday at 10:32 pm