As a new owner of a small business you may have noticed the vast to-do list needed to be completed in order to run your business properly. On that list you’ll come across the usual, hiring employees, finding a location to run your business, get financing for your new business and finally… getting all of the appropriate insurance coverage plans needed to secure the safety and longevity of your business and all of the its assets.
On that list of insurance plans you’ll notice a couple that may be a no brainer for you, general liability insurance and workers compensation insurance for example; but there is one more type of insurance plan that is just as important for the safety of your company, property insurance. Now, you may be thinking that because you do not own the building you would not or should not need property insurance, which is a common misconception unfortunately. Whether you rent, own, or lease the building you are working out of, having property insurance is imperative. Property insurance will provide protection against a large amount of risks that can harm property (including, but not limited to internal appliances as well as external, as in the building itself). These risks are usually fires, weather damage and even theft. That’s right, theft; so if your company is the unfortunate victim of a burglary and you have property insurance, your lost items will be compensated for and/or replaced. Now that’s that kind of protection that should provide you as an owner, with a little relief and less stress.
Bottom line, property insurance does not just cover the physical property of your company but in fact it provides the coverage for all of the itemized property that your business is in possession of. No matter the type of business you own and/or run, property insurance is a form of coverage that should be a priority purchase. Protect yourself, you company and its longevity in every way possible.
