An Introduction to Property Insurance

Owning a business is a dream come true for many people both in the United States and all over the world. Being able to sell goods and services that they either create or provide themselves or as a franchise for a corporate entity whose products and/or services they believe in can be extremely rewarding. In this excitement, it’s difficult to think about insurance and protecting their dream from unpredictable and unfortunate events. However, securing property insurance is one of the most important steps a business owner can take.

So, how do you go about finding the right insurance policy for your business and getting it put in place in a timely manner?

Your first step is to conduct research. Contact a variety of insurance companies, arrange to meet with agents, explain what you are looking for, and find out what options each company can offer you and what the costs of each option are. Talking with at least three or four different companies makes it a great deal more likely that you’ll find what you are really looking for, for a price that you can afford. Request quotes and print outs from each company. Collect this information in a folder or file.

Next, take a closer look at all of the quotes you have received and compare and contrast them. Make a chart or use another type of graphic organizer to help you to see your results more clearly. Consider your priorities and the type of business you run, which policy best meets your needs?

Make sure that the policy you have chosen is comprehensive and includes all aspects of your business, including, but not limit to: your building and property, your equipment, your furniture, your landscaping, your outdoor and indoor signs, your inventory, and the property of others in the case that your business is determined as a cause for damage occurring on someone else’s property.

Revisit the insurance agent who originally presented you with the policy that you ultimately felt best met your needs and discuss the details of the policy, including premium payments and the date the policy will go into effect. Property insurance should be established before a business ever opens it doors.

Remember that most property insurance will not insure against floods. You’ll need and want to take out a flood insurance policy as well to protect your business in the event of a flood, an event that can happen most anywhere under the right conditions, whether you think it can or it has before or not.

Review your property insurance policies regularly and constantly conduct research. If policies become available that better meet your business’s needs, find out the details of them and either work with your current insurance agent to improve the policy you hold with them to match the best that is currently available or arrange to switch companies and policies.

Property insurance is essential for a business owner, just as it is for a homeowner, unfortunate events can and do happen whether they are caused by natural disasters, fires, accidents, mechanical failures, or by another means. It’s important to protect the business you worked so hard to establish and grow and guarantee a promising future even if the unexpected does occur. Being caught without insurance could be extremely catastrophic as you could lose everything you worked for and possibly also have to face up to other financial responsibilities due to other damages or injuries.

Don’t let your dream die in the event of an unpredictable or unfortunate event, protect your business by attaining property insurance, it’ll be the best decision you’ve ever made as a business owner.