Long Beach Business Property Insurance Basics
Long Beach business property insurance is essential for any business owner. Its one of the most important investments your company can make because it protects you from the financial losses your business may experience due to a wide variety of perils. Before you start shopping for the right business property insurance for your company, lets take a look at the basics:
What does Long Beach business property insurance protect against?
Business property insurance will help cover the cost to repair or rebuild the property necessary to get your business back up and running with as little disruption as possible. This includes damages due to fire, theft, vandalism, accidents, explosions, certain types of natural disasters, and other events that may impact your ability to conduct business.
What does business property insurance cover?
Long Beach business property insurance generally covers damage to your companys physical buildings, assets, and equipment. Depending on your policy, this can include everything from damage to the outside structure, signs, and fences to inside contents such as inventory, furniture, supplies, and even valuable documents.
What does Long Beach business property insurance not cover?
Business property insurance does not usually cover earthquakes and floods. It also doesnt provide coverage for other important aspects of your business that need to be insured. Workers compensation, disability, health, life, and business auto insurance policies are written separately. One of the many options available is to purchase Long Beach business property insurance as part of a business owners policy, which will also include general liability insurance coverage.
What types of business property insurance are available?
There are two types of business property insurance policies: a named-perils policy and an all-risk policy (also known as special form coverage). A named-perils policy covers damages and losses due to the particular events named in the policy. An all-risk Long Beach business property insurance policy covers all events except those specifically excluded.
What affects the cost of business property insurance?
Many companies get the most benefit from an all-risk policy, but these types of policies typically have higher premiums. You can also get more protection by adding coverage for specific perils, if necessary.
The type, size, and location of your business are also considered when assessing which risks are most likely to affect your business. In addition to these factors, the cost of your Long Beach business property insurance premiums will be determined by your decision to purchase either actual cash value or replacement cost business property insurance. Actual cash value takes depreciation into account, reimbursing the current market value of an item. Replacement cost insurance covers the cost to buy a new item without considering depreciation. Although replacement cost insurance has higher premiums, it may ultimately be the better value depending on your business needs and the type of peril experienced.
What if you lease or rent the property?
If you lease or rent the property where you do business, the building itself will most likely be covered by your landlords insurance. This, of course, does not include coverage for the buildings contents. You will need to purchase Long Beach business property insurance to cover your equipment, inventory, and other property specific to your business.
As you shop around for the best business property insurance for your company, remember that the type and the amount of insurance can be customized to suit your unique and evolving needs. Contact a Long Beach business property insurance agent to find out how your companys property can be protected against most risks by visiting www.KellyWilliamsIns.com or calling 562.498.8661.
by: Kelly Williams