What do you see when you look around your office? Most likely you see furniture, computers, printers, scanners, copy machines and all other types of electronics and office equipment. If you add it all up to get a rough estimate of what it might cost to replace it, you will have an idea of how important property insurance is for your business.
You might think that you have enough coverage; some might even be included with another commercial policy you hold. The questions is, is it really enough? It’s important to remember that if you lost everything, you would have to replace it all at ‘today’s’ prices. Also, you would most likely have to replace it all at once if you want to get back to business quickly. Your customers have expectations, and you can’t risk losing them while you try to figure out how to buy all of that equipment you need.
A good business property policy will provide you with more than enough coverage to ensure you can get right back to business in as little time as possible after a loss. It will also pay the replacement value of everything your business needs, and not a depreciated value.
A good rule of thumb when choosing coverage is always to carry more than you think you need. The reality is that you never really know how much is required until you have to use it. Many people discover too late that they didn’t have the coverage that they really needed. Once a loss has occurred there is nothing that you can do. Plan ahead by adding extra coverage; the more coverage you have, the better off you are.
It is easy to forget about the many small things you use every day as a part of your business, and that they add up quickly when you have to replace them. Underestimating what it would take to replace everything is a common mistake and not worth the risk. By carrying more coverage than you think you need, you can get back on your feet more quickly after a loss and get right back to business.
To review your specific business property needs and options, please feel free to contact me. I am happy to review your current situation with you and help you decide which options are best for you!
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