Protecting Your Company's Assets: Enjoy Business Peace of Mind

You're probably accustomed to taking stock of the assets that lend spark to your personal life - jewelry, collectibles, and art, for example. Such assets are typically stored in or around your home, and can be protected by a valuable personal property policy tacked on to your existing homeowners', condo, or rental insurance policy. But your business has assets, too. Have you taken the time to assess just what they may be, and obtain the coverage you need to ensure their protection?

Business Assets: What are they?

Business assets can vary, but often include the following:

• Fixtures
• Furniture
• Office equipment
• Inventory
• Supplies

Everything from the art hanging on the walls of your office to the copy machine qualifies for protection. A Pennsylvania business property insurance policy designed for your business can protect the aforementioned assets and others from theft, natural disaster, loss, or damage. It may also cover the cost of repairs and replacements, and may even compensate you for items that are irreplaceable, like the antique vase on the receptionist's desk.

Business Property Insurance: Choosing a Policy

Business owners should obtain business property insurance, also known as commercial property insurance, as soon as they open shop. Choose a policy that is tailored to the specific nature and needs of your business. Those who do not own the buildings in which they do business only need to worry about covering the building's contents. Those who own the building should cover it as well as everything inside. It's also possible for supplies stored off-site in another locale to be covered by a business property insurance policy.

Premiums

Business property insurance premiums vary according to the nature of their coverage: some cover the replacement cost of stolen, lost, or damaged assets; others cover the actual cash value (ACV) of those assets. A replacement-cost business property insurance policy ensures that settlements are based on what the business owner must spend to replace the assets at current market price. An ACV business property insurance policy reimburses the business owner for the assets' depreciated cash value.

Replacement-cost business property insurance policies have higher premiums than ACV policies. Their advantage lies in the fact that they allow a business owner to quickly replace all lost or damaged assets with new ones; this can help a business recovery quickly from losses suffered during a theft or natural disaster.

Whatever the nature, size, or circumstances of your business, make sure you have the right policies in place to protect its assets. Being a business owner can be a stressful and demanding enterprise; knowing your assets can be replaced in the event of unexpected loss can lend you some much-needed peace of mind.

Call Richard B. Ryon Insurance to discuss the details of a Business Property Insurance policy that's right for you.