What is Property Insurance?
Property Insurance is designed to cover most physical properties your business owns. All costs related to the business property can be covered. The cost of rebuilding after a building has been destroyed, or the cost of replacing property that has been completely lost. Any revenue that is lost, and that is insured by this type of insurance, can often be recouped. This insurance is designed specifically to help a business continue operating after property loss or damage.
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Does my business need Property Insurance?
If you own a property and operate a business out of it, chances are that you will incur both revenue and property damage loss. A property that is damaged and rendered unsuitable for continuing operations can be very catastrophic for the business.
You need Property Insurance if:
- You own or operate a business
- Your business has any physical assets
- Your physical property is essential to your company’s revenue
- Your physical assets do not draw revenue but have other important uses
What does Property Insurance cover?
- Revenue loss
- Rebuilding cost
- Damage due to fire, flood, theft, burst pipes
- Business interruption due to property damage
Does not cover:
- Wear and tear
- Unoccupied properties
- Motor vehicles
- Personal assets
- Intentional damage
How much does Property Insurance cost?
The cost of Property Insurance varies and depends on several factors, including:
- The age of the property and security measures in place.
- The type of business the property is used for.
- The level of cover you need.
- The number of properties you want to insure.
- Your claims history. Have you claimed your commercial Property Insurance before?
Contact us for policy quotation,
comparison and unbiased advice now!