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As a smart and responsible business owner, you should take a complete inventory of all of your business property. While taking the inventory, you should determine the value of each of the pieces of property, and decide what is worth having business property insurance coverage for. At this time, you can ensure the items you do want to cover are provided for in the basic business property insurance policy. If they are not, perhaps you would like to purchase additional coverage.
The reason for the inventory is to make sure your building is adequately covered, as well as all your furniture, equipment, and office supplies. Even if you just lease space for your office, your lease may very well require specific type of insurance coverage that you must carry. Keep in mind however, just because the building owner carries all of the necessary insurance on the building in which you operate, this does not mean it will cover any of your equipment, furniture, and other valued business possessions.
In addition to taking inventory, you also need to consider your specific business situation. For example, are you planning a major expansion? Or does your inventory have a peak season, such as during the holiday season, or does it fluctuate throughout the year? Think about if your liability limit is high enough in regards to the new job contract you just signed. Amicable to most business owners, business owner policies are specially designed to be added to or subtracted from in order to best meet the needs of the business.
Named-peril business property insurance policies are designed to cover certain losses that result only from those perils that the policy names. All risk business property insurance policies offer coverage for all perils, except for those that are specifically named in the policy. All-risk policies are generally sufficient for the average small business, but consider the fact that all businesses, and their insurance needs, are different.
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