Property Insurance

What is property insurance?

Business property insurance covers your buildings, equipment, and physical assets against loss or damage, whether that’s the building itself, the inventory and furnishings inside it, or the equipment you rely on to operate. Your livelihood depends on your business; this is the coverage built to protect it.

What it covers

• Repair costs, so damage to your property doesn’t slow the business down
• Replacement costs, when a repair isn’t enough and property needs to be replaced outright
• Business interruption, covering lost income and ongoing bills while you’re getting back to normal after a loss
• Additional perils, like floods, windstorms, hail, earthquakes, explosions, riots, vandalism, and malicious mischief, most of which can be added to a base policy

How much coverage you need

Coverage amounts depend on the physical structure of your building along with everything it contains: inventory, furnishings, equipment, and more. An advisor can walk through what your specific property and contents are worth to land on the right number.

How to help keep premiums manageable

Keeping electrical, structural, plumbing, and safety systems up to code, and repairing or replacing anything that isn’t in good shape, is one of the more direct ways to manage cost and risk together.

What it typically doesn’t cover

• Vehicles used for business (that’s commercial auto)
• Internal mechanical or electrical equipment failure (that’s equipment breakdown)
• Employee theft or dishonesty (that’s crime and fraud coverage)