Property Insurance

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What is Property Insurance?

Property insurance is an “indemnity” policy. This means that the policy is designed to reimburse the company for losses it directly experiences. Unlike “liability” policies, indemnity policies don’t require legal action (like a demand letter from a lawyer) for coverage to start. Once the property is damaged or destroyed, the claim process can begin.

Business personal property (BPP) losses are some of the most common insurance claims. Chances are this is what you imagine when you think of property insurance. It would reimburse the company for things like desks, computers and covered inventory after a fire. If your policy offers theft coverage, the impact of a burglary is reduced too. Your property insurance carrier is going to reimburse you for the stolen BPP.

If you own your building, property insurance is particularly important for you. Here, a fire doesn’t just mean lost computers and extra rent…you have a massive recovery project on your hands. A property insurance policy that includes building coverage would reduce your exposure to the litany of surprise demolition, clean-up and construction costs.

Do I need Property Insurance?

Almost every business owner or contractor with a physical location or business personal property (BPP) will benefit from a property insurance. If you’re not sure if it’s necessary for your business, we’ve created a checklist of property covered by these policies:
  • You own your building
  • A loss forces you to shut down operations
  • You have physical property required to run your business
  • You work with the property of others
  • You move your own or other property from various locations
  • You experience seasonal swings in inventory

What does Property Insurance cover?

The types of claims can vary widely due to its “general” nature, but here are a few examples of how it can protect your business. Please note that each policy is different and some addons may be necessary depending on your business.
Claim Type
Definition
Example
Damage to your property Damaging property that belongs to you in the course of conducting business. Damage to owned office space. A weekend fire at your office causes the loss of computers, desk, and other items in your space. Additionally, the fire department is not letting you into your building, causing all work to be put on hold. Property insurance would kick in to cover the loss of property and compensation for the loss in business and payroll.
Damage to the property of others in your care Damaging property that belongs to someone else in the course of conducting business. Damage to rented office space. A contractor renovating a house is knocking down a wall when he realizes that he forgot to turn off the water line. The water that floods out of the broken pipe floods the entire first floor of the house before it could be shut off, amounting in over $150,000 in property damage.

Damage to your property

Damage to your property

What It Covers

Damaging property that belongs to you in the course of conducting business. Damage to owned office space.

Why you need it

A weekend fire at your office causes the loss of computers, desk, and other items in your space. Additionally, the fire department is not letting you into your building, causing all work to be put on hold. Property insurance would kick in to cover the loss of property and compensation for the loss in business and payroll.

Damage to the property of others in your care

Damage to the property of others in your care

What It Covers

Damaging property that belongs to someone else in the course of conducting business. Damage to rented office space.

Why you need it

A contractor renovating a house is knocking down a wall when he realizes that he forgot to turn off the water line. The water that floods out of the broken pipe floods the entire first floor of the house before it could be shut off, amounting in over $150,000 in property damage.

How much does Property Insurance cost?

Underwriters consider a number of factors when calculating property insurance quotes such as:
  • Location
  • Type of business
  • Value of property

$20

Min Monthly Cost
For lower risks businesses or contractor

$51

Min Monthly Cost
Typical price for a smaller business

$83

Min Monthly Cost
For the average sized business

General Liability Insurance FAQ's?

How long does it take to get a quote?

The underwriting process typically takes about a week. This is often shorter, but can also take longer depending on the complexity of your business and the coverage(s) being requested, but as long as your submission is complete, we should be able to expedite your quotes. Your Account Executive should be able to give you a more accurate estimate upon review of your application.

From submitting the application, it can take between 3-7 days to receive a full proposal depending on which coverages you have applied for.

What information do I need to provide?

The required info can differ slightly depending on the coverages selected on our site, but basic company info, revenue and payroll figures, and relevant financial statements are the most important. Certain coverages will require specific documents, but once you select the coverage(s) you need, the application will prompt you for the required information

What is the difference between an Admitted and Non-Admitted carrier?

An Admitted Carrier is backed by the government. In the event the insurance company fails, the state will step in as necessary to make claim payments. With a non-admitted insurance carrier, there is no such protection.

How long until I get my policy?

Policies often take 30 to 45 days for the carrier to issue and for the state to stamp when necessary. Binders and Certificates of Insurance are issued as proof of coverage in the meantime.

What payment options exist for my property insurance policy?

Cover Small Business partners offers a range of payment options, including debit and credit card (Visa, MasterCard and American Express) payment. You can also choose to pay the full amount in one lump sum each year or pay monthly.

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