Property is one of your business’s most valuable assets so it is very important to protect it from numerous risks like flood, fire, or theft. If your property isn’t properly insured and maintain you risk of suffering a significant loss for your business when this asset is damaged or lost.
- Consult with your insurance agent or broker regarding your property insurance policy and the coverage it provides.
- If your business policy provides “blanket” coverage for numerous properties, make sure that all business properties are listed in policy. If the property is listed in the policy, blanket coverage doesn’t have any legal force.
- Make sure to adjust your coverage to real property values, which may change with improvements or changes in property costs. Insure your business property to replacement value.