You have a lot of assets for your business, are they insured properly?

Did you know there are several ways business assets are classified and they all need to be covered under different ways?

It is important to have an understanding of what coverages are available for your commercial property and when to have which coverages:

What are the different coverages and how do you classify them?

1. Business Personal Property (BPP) – This covers any and all tangible assets located at your place of business
   • Examples include: Office Furniture, decorations, furnishings, electronics and equipment.
   • Retail Inventory
   • It is important to note that BPP coverage only covers items located within your stated location of business address/building.
2. Inland Marine – This coverage fills the need to cover equipment/tools or other business property while it is away from the building. This could include equipment on a truck or used on a jobsite.
   • This is often referred to as a floater policy as equipment is “floating” from the building.
3. Transit Insurance – If you ship a lot of product or if you ship equipment to get from one jobsite to another, Transit Insurance will protect your inventory/investment while it is in the care of a shipper.
   • There are rules about which shippers you can use so ask your agent to confirm if you are covered in these scenarios.

So what type of property do you have? The above is just a small example of the coverages that fall under a Business Owners Policy to protect your property. Talking with an experienced agent can help ensure all your property is correctly insured regardless of how or where you use and store it.

You have worked hard to establish your business, you should have all the proper coverages to protect your investment so you can focus on providing your clients the best service you have to offer.

If you would like to talk to one of our Insurance advisors about any of your Business Insurance needs, please call 469-606-4590 or click here to send us a message.