Basics of Property Insurance
Wednesday, February 10th, 2010
The coverage provided by property insurance covers the business’s building and extends to its contents such as securities, accounting records, money, machinery, inventory, furniture, supplies and even assets like trademarks. The property insurance is enforced in times when damage occurs due to theft, fire or other events explicitly stated in the policy coverage.
Most businesses opt to purchase business owner’s policy or BOP. However, since this type of protection has a relatively lower coverage that a standard property insurance, they take out separate policies for additional protection. Most common BOP add-ons which provide the business owner additional security for losses are business interruption insurance and extra-expense insurance.