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Business Property Insurance

Business Property Insurance

In the aftermath of severe weather or other damaging events, the repercussions for businesses can be just as severe as that of homeowners. It can even lead to you wanting to move your business luckily there are places similar to Thomas Mensendiek that might be able to help you find the office or business space for you. Business property isn’t just your land or building, it’s all of your business’s physical assets. From signage to desks, are you covered if you face a loss?

Business property insurance allows you to secure your business from the ground up. A commercial policy typically covers:

  • Your building, outdoor sign, and fence
  • Your furniture, equipment, and supplies
  • Your inventory
  • Loss of income if you get shut down due to a loss
  • Mechanical breakdowns – mechanical failure of an A/C, freezers, or other machinery

These items can break down into four categories of coverage: personal property, real property, loss of income, and mechanical breakdown.

Business personal property insurance covers just about anything not nailed down or part of the building. This includes raw materials or parts for companies that manufacture goods. These are all referred to as business personal property to distinguish from the actual real estate. What insurers call “real property” covers the building itself, grounds, and signage.

Imagine a loss causes a temporary closure of a business. The owner is faced with some hard questions. Do they lay off staff? How do they keep paying the mortgage? What does their commercial mortgage calculator say? Coverage for loss of income allows the business owner to pay for their property, compensate staff, and fulfill other fixed expenses in the event a business closes for a time.

While the first three coverage categories are triggered by accidental loss, mechanical breakdowns are covered if they aren’t caused by an accident. AC units for example are usually the responsibility of the tenant. Restaurants and manufacturers that rely on machines also need this coverage. If an AC unit does break down then a professional from somewhere like should be called to repair it rather than someone trying to fix it themselves which may make it worse.

Since each business is unique, protecting a company with the right coverage is essential.

Moreover, as a business owner, it is vital that you take as many steps as possible to protect yourself. For instance, did you know that almost all businesses are at risk of public liability claims?

In case you were not already aware, public liability law applies to situations in which members of the public can be hurt as well as situations in which damage is caused to property as the result of the actions of a company or its products. Consequently, if you would like to learn more about public liability claims in Brisbane or wherever your business might be based, you can find plenty of helpful legal resources online.

Put simply though, taking out business insurance is of paramount importance. For instance, public liability insurance can protect a business against compensation claims and their legal costs if a business causes injury (including death) to a third party or damage to their property. In essence, public liability insurance covers you on your premises and when working off-site. It can cover legal costs defending claims and can even be used to pay compensation if a business is found to be at fault.

Contact us today to set up a policy that fits your business needs. Let’s face it, a business is more than just a job, it’s your passion, and we want to help you secure it.

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