Without business property insurance, your company may not survive financially. It isn’t required by law, but it’s a wise investment to protect your business property against vandalism, fire, weather, and other unexpected situations.

Business property insurance plans can be standard, which will cover damages caused by the above mentioned events like fire and storms, as well as liability insurance. You can also get special coverage which goes the extra step to protect against all property with certain exceptions, such as terrorist acts and floods. We highly recommend that your policy cover fixtures such as lighting systems or carpeting, equipment and machinery, furniture, inventory, and computers. Make sure your policy also covers financial income that may be halted due to an unexpected event, as well as the additional costs of operating from a temporary location.

You may want additional insurance to cover losses caused by fraud, burglary, or robbery. Since a basic business owners policy and property insurance do not cover this, you’ll need to add them onto your policy. These riders may also include data protection, personal assets and computer virus protection. They will raise your premiums, but the additional coverage may be necessary for your business.

If you rent a property, be sure to look over your agreement very carefully. You may be covered by the owner’s policy, or you may be required to have property insurance. If you're in an area prone to floods, earthquakes, or hurricanes, you should seriously consider purchasing disaster insurance.

It's important to fully understand your policy. If you have any questions, please contact us.

Bright Insurance is an independent insurance agent in the Milford, Massachusetts area. To find out more about business insurance, contact them today.