Take a minute right now to look around your office. What do you see? Most likely you see furniture, a computer, a printer and other electronics, and all kinds of office equipment—all items that cost quite a bit. Now think about the rest of your business, outside your office door. All of the furniture and equipment that is used by your employees, whether in an office or a manufacturing setting—how much is it all worth? Add it all up to get a rough estimate of what it might cost to replace it, and you will have an idea of how important property insurance is for your business.
Do You Have Enough Coverage?
You might think that you have enough coverage; some might even be included with another commercial policy you hold. But is it enough? Remember that if you lost everything, you would have to replace it all at today’s prices. And you will have to replace it all at once; if you want to get back to business quickly, you can’t take the same amount of time that you did when you were building your company from the ground up. Your customers have expectations, and you can’t risk losing them while you try to figure out how to buy all that equipment you need.
A good business property policy will provide you with more than enough coverage to ensure you can get right back to business in as little time as possible after a loss. It will also pay the replacement value of everything your business needs, and not a depreciated value. Don’t forget this important detail when purchasing this coverage!
The More, The Better
A good rule of thumb when choosing coverage is always to carry more than you think you need. The reality is that you never really know how much is required until you have to use it; many people discover too late that they didn’t have the coverage they needed. Once a loss has occurred there is nothing you can do. Plan ahead by adding extra coverage; the more coverage you have, the better off you are.
It is easy to forget about the many small things you use every day as a part of your business, and that add up quickly when you have to replace them. Underestimating what it would take to replace everything is a common pitfall; don’t risk it. By carrying more coverage than you think you need, you can get back on your feet more quickly after a loss and get right back to business.
