There are many things that can cause property damage, but often times property insurance doesn’t cover major disasters such as flood or earthquake damage. If you’re concerned about having specific coverages, make sure you discuss it with your carrier.
*Zombie hordes may not be completely covered by your policy; always make sure you check your policy to see exactly what kind of reanimated human corpses you’re protected against.
Do you need to have Property insurance?You may not own the building you do business in (many businesses don’t), but property insurance can help you cover the other assets connected with your physical place of business, such as the equipment you use to do business - think computers, lab equipment, furniture, etc. Your landlord’s policy likely doesn’t cover its tenants losses, so make sure you know if you’re covered. Losses from a theft or water damage could easily cost you tens of thousands of dollars without insurance coverage.
What does Property insurance cover?
- Building (including signs and fixtures)
- Assets inside the building (including inventory)
- Customer property (while at your business)
What is a BOP?Insurance lingo! BOP stands for Business Owner Policy - essentially, it is General Liability and Property insurance bundled together. It’s the basic coverages that a business typically needs to operate (excluding Workers’ Comp). You can shop for and compare prices for a BOP here at Talage and a BOP is usually less expensive than the total cost of buying Liability and Property insurance separately.
What does Property insurance cost?This is another, “it depends” situation. Here are the factors:
- Size of building/property
- Age of building
- Security and safety
- Type of equipment/assets
How do you get the best rates for Property insurance?There are a lot of factors that go into how much an insurance company will offer its policies for. To get the best rates, it really requires shopping and comparison.
Here's the shameless plug because we want to make life easier on you - Talage just asks you for your business information once and then we do the heavy lifting of shopping our A-rated insurance company partners so that we can provide you with multiple quotes online right away. Then you get to see what these companies are offering their coverage for and choose the best policy for you. Often times, this means you choose the one that offers great coverage at less cost. You get to see the prices and decide for yourself! Note - on Talage, Property Insurance is bundled with General Liability insurance (called a "BOP" - business owners policy). If you’re ready, you can shop for quotes right now. Our average applicant only takes 10 minutes from application to policy selection. You don't need to spend weeks shopping for insurance. Check it off your list so you can get back to running your business.