What Does Business Personal Property Insurance Cover?

A major component of running any business is getting the necessary coverage. After all, without the right business insurance policies, business owners put their entire companies at risk. As a way of guaranteeing protection, many business owners get business personal property (BPP) insurance policies. As a business owner considering this option, you may be wondering how exactly you can benefit from it. Read this post to learn what does business personal property insurance cover.

Business-Owned Buildings

Firstly, business personal property insurance covers business-owned buildings. Therefore, if you purchased a building under your company’s name, you can greatly benefit from getting this coverage. Keep in mind that you have more than one option for insuring your building with BPP insurance. Some business owners insure their company buildings at “actual cash value”. If you choose this option, you will be insuring your building based on what it is worth. Other business owners get coverage based on their buildings’ replacement costs. Hire a quality agent to assist you in choosing the best option for this specific asset that business personal property insurance covers.

Mobile Equipment

This type of business insurance also covers mobile equipment. Most policies provide protection for mobile pieces of equipment that are prohibited on public roads. Insurers also identify mobile equipment as machines that do not require licensing from the Department of Motor Vehicles. Common machines that fit this category include tractors and forklifts. Thus, construction companies in particular benefit from this coverage. Even if you do not own a construction company, you still may put this coverage to use in the future. Because of this, insurers offer this coverage in BPP insurance policies.

Office Improvements

Insurers also offer protection for office improvements in BPP insurance policies. When business owners improve their office spaces with fixtures and alterations, they usually spend large sums of capital. Those who also install and add elements typically pay even higher sums. These costs are important to consider when choosing business insurance. Insurers have recognized these high costs and, as a result, include them in business personal property insurance plans. If you have made improvements to a building that you lease, inquire about this coverage. Most business personal property insurance policies offer it.

Technological Assets

Moreover, business personal property insurance policies typically cover technological assets as well. Businesses in an array of industries benefit from this coverage. After all, almost every company operates, at least in part, online. Whether you own a technology business or a restaurant franchise, you likely use computers to run your business. BPP insurance covers the physical loss of computers and computer equipment. It also covers costs for data and media loss. Because technology has become such a prominent element in every company, this type of insurance covers technological assets. Keep this coverage in mind when choosing small business insurance policies.

Office Supplies

In addition to the above items that this insurance covers, it also offers coverage for office supplies. While this may not seem like a big deal to some business owners, purchasing new office supplies can be costly. This is particularly true for large corporations that provide their employees with an array of supplies. Some companies purchase hundreds of pens, staplers and quality calculators. If you want to avoid having to spend capital on replacing such items for your entire team, get a BPP insurance policy that will cover the expenses.

If you want to set your business up for a financially stable future, you need to get business personal property insurance. Most policies include two coverage options for business-owned buildings. Companies using mobile equipment that is not legally allowed on public roads benefit from this insurance. BPP policies also cover office improvements and technological assets such as computers and data. Finally, BPP insurance offers protection for office supplies. Business personal property insurance covers these items for companies like yours.