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BUSINESS INSURANCE LINKS:
• PROPERTY
INSURANCE
• PROPERTY INSURANCE
F.A.Q.
• LIABILITY INSURANCE
• LIABILITY INSURANCE
F.A.Q.
• VALUE ADDED
SERVICES |
BUSINESS INSURANCE:
PROPERTY INSURANCE F.A.Q.
How much do I insure for?
What's the difference between a named-peril and special policy?
Will I get paid the replacement value of what I lost?
How much do I
insure for?
Take a complete inventory of all your business property, determine its
value, and decide what's worth insuring. Make sure the items you do want
to cover are provided for in the basic policy; if not, buy more coverage.
For example, you will want to make sure your building is covered, as well
as your inventory, furniture, equipment, and supplies. Even if your business
rents space, your lease might require certain types of insurance coverage
that you must carry. However, just because the building owner carries
all the necessary insurance on the building in which you operate, doesn't
mean it will cover any of your equipment, furniture, and other business
possessions.
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What's the difference between a named-peril
and special policy?
Named-peril policies will cover certain losses resulting only from those
perils that the policy names; special policies offer coverage for all
perils except those specifically named in the policy. A special policy
is usually sufficient for the average small business, but keep in mind
that all businesses and their insurance needs are different.
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Will I get paid the replacement value of what I
lost?
Yes, if you purchase that specific coverage. Property insurance can be
purchased on the basis of the property's actual value (the replacement
cost minus depreciation), its replacement value (the cost of replacing
an item without deducting for depreciation), or on an agreed-upon amount
(commonly used for art objects and other unique items).
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